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
Shortage of something, not enough or in short supply
Scarcity
Types of Corporations
C - Corp, S - Corp, and LLC
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
In a partnership you can combine capabilities and this
Capital resources
Define oligopoly
Very few competitors control an industry; can lead to collusion for high prices, limited consumer choice and strong barrier for new businesses to enter the market.
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 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
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
Secret or illegal cooperation or conspiracy, especially in order to cheat and deceive others
Collusion
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 with two or more people working together on a product, service, or business
Partnership
You and your business are considered are 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.
Limited Partnership
Loosing something for something else
Opportunity Cost
A limited liability corporation, taxed like a partnership, popular with foreign investors and family-owned businesses
LLC
The business type we already covered and the two types we won't be covering.
A franchise, Non-Profit, Cooperative
The sole proprietorship end when this happens
When you decide or pass away
This is a partnership in which some or all partners have limited liabilities. It, therefore, can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible for the other partner's actions.
LLP