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Sole Proprietorships
Partnerships
Corporations
Vocab
Anything Goes
100
The most attractive feature of this business is the ease of
What is starting/stopping
100
A disadvantage of this business type is that they have difficulty raising this
What is financial capital (money)
100
One disadvantage of corporations is that they have higher
What is taxes
100
A government document granting permission to create a corporation
What is charter
100

Which type of business carries out the most sales volume?

What is a corporation

200
A business failure results in the owner losing their house, cars, and other personal property. This is referred to as
What is unlimited liability
200
A major disadvantage of a partnership is the potential for this...
What is conflict
200
This business type continues on long after the founder dies. This is referred to as
What is unlimited life
200

This document is submitted to the registry of companies so that the relevant authorities can verify that the submitted business name does not exist.

What is Application for name search and reservation.

200
Business merge because they want
What is to be more efficient, grow larger, change its name, deliver a better product
300

An example of this business is...

What is shops, corner shops, Jin's wholesale

300
A type of partnership where both parties are financially responsible.
What is a general partnership
300
Stockholders do not have financial obligations to corporations and are said to have
What is limited liability
300
Individuals organize these groups of workers in hopes of creating a better working environment
What is labor unions
300
Type of business set up like a corporation that provides a public service with its goal to help society in some way
What is a non-profit organization
400
One disadvantage of going into business by yourself is that the business dies with you. This is referred to as:
What is limited life
400
Type of partnership where one partner is only partially responsible for the financial aspect of the business
What is a limited partner (silent partner)
400
Major advantage of corporations is that they have the ease of raising
What is financial capital
400
Organized like a corporation, your water and electric are part of this industry
What is public utilities
400
A church is an an example of what type of business?
What is non-profit organization
500
One disadvantage of a sole proprietorship is the difficulty of raising this
What is financial capital
500
When two friends come together to form a business, it is called a
What is partnership
500

This is a separate legal entity that is owned by a group of persons, or companies, who have purchased shares in the business.

What is company

500
A type of business that you can buy into that has an established reputation and makes most of the decisions for you.
What is a franchise
500

This documents outlines the director of the company.

What is The Memorandum of Association?