Partnerships
The Definition of a Partnership
What is a business owned by two or more individuals?
Definition of a corporation
The definition of a cooperative
What is a business owned and operated by its members for their mutual benefit?
Definition
What is a business where an individual purchases the right to use a company's brand name and business system?
Defintion
What is a business owned and operated by a single individual?
The 3 types of Partnerships
What are general, limited, and limited Liability partnerships
The 3 types of corporations
What are C, S, and B corporations?
What are a Consumer, Producer, and Worker cooperative?
The entity selling a brand name and business system
What is a franchisor?
Tax implications
What are profits are taxed as personal income?
Taxation in a partnership
What is "pass through" taxation?
Corporations have this unique trait.
What is the ability to issue stock and raise capital?
A cooperative can be compared to this form of government
What is a democracy?
Two types of franchises
What are Product and Business format franchises?
Business structures limited to personal funds and loans
What are Sole proprietorships and partnerships?
Pooled Resources, shared workload, and responsibilities, and the potential for growth and expansion
What are advantages of a partnership?
Owners who elect the board and vote on major decisions.
Who are Shareholders?
The board of directors is chosen in this way.
What is elected by members?
Royalties
What are ongoing payments based on sales or profits?
Taxation for C Corporations
What is double taxation?
All partners share equal responsibility and liability in this partnership
What is a general partnership?
What are Officers?
Hired by the board to handle daily operations
Who is a general Manager?
Franchise Fee
What is the Initial payment to use the brand and system?
Partners have some protection from personal Liability in this structure
What is a Limited Liability Partnership?