Sole proprietorship
A business ____ and____by a single individual
Own; mange
Legal__owned by individual__
Entity, stockholders
Partnerships involve two or more people who agree on a specific __ of responsibilities and __.
Division, profits
What may directors decide to do once their corporations grow?
They may decide to merge their companies.
What regulations can affect this businesses?
Zoning laws
Certificate of ownership in a corporation
Stock
What are the three types of partnerships?
General, limited, and limited liability
What can corporate mergers lead to?
Lead to larger, more profitable, and efficient firms.
How can being in debt affect this business?
You are legally obligated to pay debts on your own
Why is corporation defined as an “entity?”
Because it actually has a legal identity.
If partners don’t establish their own agreements, they automatically fall under the __.
List three corporate mergers.
Horizontal, vertical, conglomerates.
What are some resources to start a business and how do small businesses get these resources?
Money, equipment, experience
They use their savings or take out loans to get started.
What are the factors of being a corporation?
Pay taxes, engage in business, make contracts, sue other parties, get sued by other parties
What are articles of partnership?
A legal document representing a partnership agreement
What is horizontal integration?
A merger of two or more firms, competing in the same market with the same good or service.