Show:
Sole Proprietorships
Partnerships
Corporations
Corporate Structure
Terms
100
A business owned by one person.
What is a sole proprietorship?
100
Voluntary association of 2 or more people who act as co-owners of a business for profit.
What is a partnership?
200
True or false: Simplest form of business ownership and the easiest to start.
What is true?
200
Corporations organized to provide social, educational, religious, or other services rather than earn a profit.
What is a not-for-profit corporation?
300
True or false: The most popular form of business ownership.
What is true?
300
Hired by the officers and complete the daily tasks of the organization.
Who are employees?
400
Easy start-up, all profits belong to the owner, be your own boss.
What are advantages of a sole proprietorship?
400
Easy start-up, personal interest, combined skills and knowledge, profits are owners.
What are the advantages of a partnership?
400
Difficult and expensive to form, government regulations, double taxation, lack of secrecy.
What are disadvantages of a corporation?
500
Unlimited liability, lack of money, difficulty hiring employees, limited management skills.
What are disadvantages of sole proprietorships?
500
Unlimited liability, disagreements, lack of continuity.
What are the disadvantages of a partnership?
500
Limited liability, easy of raising capital, specialized management, ease of ownership transfer.
What are the advantages of a corporation?