Business structure
This business structure is owned by one person and is the simplest to form.
What is a sole proprietorship
What type of ownership gives the owner all profits and holds the owner 100% liable?
Sole Proprietorship
what is the legal term for an employee or owner being held responsible for damages that he/she did?
Liability
selling food without a license.
what is not legal?
Lack of previous exposure.
What is an example of a business risk?
This structure is owned by two or more people who share profits and responsibilities
What is a partnership?
What type of ownership is owned jointly by two or more people?
Partnership
What is the rule in partnership where you are legally responsible for the workplaces mistakes and financial debts made by co-workers?
Shared liability
Buying food from a restaurant and not getting your food and they say you never bought food but you show them the payment.
what is illegal?
Lots of new businesses come from these.
What is an emerging new market?
This business structure is legally separate from its owners and can issue stock.
What is a corporation
What is limited partnership?
The general partner runs the business and assumes liability
What organization or website can a sole proprietor go to if they need free support or resources to help run their new business?
A small business development Center.
suing because a company verbally agreed to something
What is legal?
Businesses with high starting costs and high rates of failure.
What is a risky business opportunity?
This structure combines limited liability with some flexibility of a partnership.
What is an LLC
What type of ownership can earn profits, pay taxes, and can be held legally liable, but the owners are generally protected from personal liability?
Corporation
What decade did the US deside to start allowing businesses to form LLC’s as a hybrid option?
1970s
buying a product that is not allowed in the state.
What is illegal?
Low success rate and high start-up costs cause this.
What is a lack of investors?
In this business structure, owners are generally called shareholders.
What is a corporation
This type of ownership has a hybrid company structure?
LLC/LLP
What is the legal term used to describe the owners of a LLC who get to protect their personal assets while paying Lower taxes?
Members
A company falsely advertise there product, and you sue them for there customer service.
what is legal?
What an owner of a non-corporation business risks.
What is full liability?