Sole Proprietorship
A business owned and operated by one person.
What is a sole proprietorship?
An association of two or more competent persons to carry on a business for profit.
What is a partnership?
This is a legal entity established by state charter to engage in business.
What is a corporation?
The type of liability a sole proprietor faces
What is unlimited liability?
A general partner has this type of liability.
What is unlimited liability?
A person who owns one or more shares of stock.
What is a shareholder or stockholder?
A sole proprietorship has this type of ability to attract professional managers.
What is poor/no ability?
A partner who may be known to the public but does not take an active part in the management of the partnership.
What is a silent partner?
A corporation organized for a social, charitable, or educational purpose.
What is a non-profit corporation?
This many people are required to form a sole proprietorship.
What is one?
A major tax disadvantage of a corporation.
What is double taxation?
This happens upon the death of a sole proprietor.
What is dissolution of the sole proprietorship?