The Types of Business
This type of business makes the products to be sold to either the wholesaler and or directly to the final customer.
Manufacture
Amount of owners in a sole proprietorship
One
A partnership has this many people
2 or more
Shortage of something, not enough or in short supply
Scarcity
Types of Corporations
C - Corp, S - Corp, and LLC
This type of business has a well established network of businesses, making it easier for manufacturers to get their products to their customers.
Wholesale
depends on answers
Land, Labor, and Capital are the foundation of all businesses, these are referred to as
factors of production
This type of business structure is where Starbucks operates their business inside another business.
Piggyback Franchise
This type of corporation is the most common type of corporation, they offer stock and a board of directors makes decisions
C - Corporation
This type of business focuses on social/environmental missions.
Non Profit
identify THREE disadvantages of a sole proprietorship
answers will vary
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.
General Partnership
MLM
This type of corporation is taxed like a sole proprietorship and must show enough taxable profit to cover taxes
S - Corporation
This is a business where you own a product/idea/invention and rent it out to others to use.
License
How are profits taxed by the US government?
seen as personal income and taxed at the appropriate level
Most partnerships fail because they did not create these
articles of agreements or contracts that specify the roles and responsibilities of each partner.
This is the choice you gave up
Opportunity Cost
Taxed like a partnership, popular with foreign investors and family-owned businesses as they are personally shielded from the business.
LLC
A Business Trade Franchise
these are goods purchased for the purpose of making the final good sold to the consumer
What are capital goods
A partnership that protects each owner's private assets.
LLP
Dealerships are an example of this type of franchise
Product Trade Name Franchise
Shares of this corporation are not sold to the general public and have fewer regulatory requirements.
Private/Closed Corporation