The Types of Business
This is a company that is legally allowed to act as a person.
Corporation
Amount of owners in a sole proprietorship
A partnership has this many people
2 or more, usually up to 20 or several hundred for larger partnerships
A term used to refer to one's share of the profits?
What is Dividend?
Limited partnerships are relatively rare. TRUE or FALSE?
What is TRUE?
This is a type of business that has only one owner and is totally responsible for liability and debt
Sole Proprietorship
Sole Proprietorship are this to start
Easy
This type of partnership is an arrangement in which two or more people agree to share all assets, profits and financial and legal liabilities of a business.
What is General Partnership?
A person who invest in a private or public limited company.
What is a SHAREHOLDER?
A form of corporation that serves the public interest and therefore is not primarily concerned with turning a profit.
Non-profit corporation
This type of business is owned by one or more shareholder and are managed by a board of directors
Corporation
Your business and this are merged together
Personal assets
In a partnership you can combine capabilities (experience) and this..?
What is more money or Capital resources
How to recognize a limited liability company
The letters LTD are usually at the end of the name
The most common cooperative in the Caribbean are probably ...
What are cooperative credit banks?
This is a business with two or more people working together on a product, service, or business
Partnership
You and your business are considered this.
One person
This is a partnership that is made up of a general partner, who manages the business and has unlimited personal liability for the debts and obligations of the partnership, and a limited partner, who has limited liability but cannot participate in management.
What is Limited Partnership?
Also referred to as marketing cooperatives
What is Producer's cooperatives?
which officer, a senior executive with responsibility for the financial affairs of a corporation or other institution.
What is CFO (Chief Financial Officer)?
A business types we have not discussed.
A franchise, Non-Profit
Two advantages of sole proprietorship
1. It needs less start-up capital
2. All the profit goes to the proprietor/owner
3. The proprietor is his own boss and makes all the decisions
4. The proprietor can make his/her own schedule
This is a partnership in which some or all partners have limited liabilities. It, therefore, can exhibit elements of partnerships and corporations. In this partnership, each partner is not responsible for the other partner's actions.
Limited Liability Partnership (LLP)
What is a Partnership Deed?
A group of people chosen to establish policy for and direct or control a company
Board of Directors