Sole Proprietorship
How many people own and manage a Sole Proprietorship?
Give an Example
one owner
Possible Answer: Barbershop
What is your "certificate" of ownership of a corporation?
a stock
Why is a Corporation considered an "entity"?
It has a legal identity, and can be treated as an individual.
What are THREE types of partnerships?
general partnership, limited partnership, and
limited-liability partnership
You must acquire ________ in order to fully shut down.
Obligations
Name BOTH TYPES of corporations.
Closely-Held Corporation & Publicly-Held Corporation
Can a Sole Proprietorship or a Corporation pay federal taxes?
Sole Proprietorship
What is the limit on a regular partnership?
general partners have equal liabilities and responsibilities
What will you have to do if you run out of money, and must pay off debts?
Sell personal properties or use personal money
What is a benefit of Stockholders?
limited liability
can sell stock for money
Closely Held Corporations and Sole Proprietorship's are the same.
True or False?
False
Why aren't all partnerships equal?
Some partners are only limited to providing financial support
What is the top disadvantage of owning a Sole Proprietorship?
Unlimited Personal Liablility
Company can survive without owner(s)?
True or False?
True
A CEO and an Owner are the Same.
True or False?
False
the ________ might not be involved in the day to day agenda of the corporation or company, but a _________ can be included
Limited partner, general partner
What is considered a Fringe Benefit?
Paid Vacation
Retirement Pay
Health Insurance
Whats a type of corporate officer?
CEO, COO, or CFO
Name a reason besides what has been stated to why a Sole Proprietorship and Corporation are different.
answers may vary
top advantage of partnerships?
shared responsibility