Sole Proprietorships & Partnerships
This business structure is owned, and usually managed, by one person
This key term describes a chance someone takes
A Risk
This legal entity is separate and distinct from its owners.
A Corporation
LLC stands for what?
Limited Liability Company
This business structure agreement takes place when someone with a good idea for a business sells the rights to use the business name and to sell a product or service to others in a given territory.
Franchise Agreement
In a sole proprietorship, it can be challenging to save this…
Money
This key term describes the responsibility of something
Liability
This unique government creation looks like a corporation but is taxed like sole proprietorships and partnerships.
An S Corporation
LLCs closely resemble this business structure
S Corporations
Name one franchise
Chick-fil-a
McDonalds
Burger King
Subway
Ace Hardware
Wendys
Owners of sole proprietorships have this form of liability…
Unlimited Liability
Someone who owns a piece of a company
Shareholder/Stakeholder
This is what we call owners in corporations
Shareholders/Stakeholders
In LLCs we call our owners this…
Members
The name, product, and service being sold by the owner of it, is what?
Franchise
There are general partnerships, limited partnerships and what?
Master Limited
This allows for some business structures to elect not to pay federal taxes directly. Instead, their profits and losses are reported on the personal tax returns of the owners or members.
Pass-through taxation
This describes a corporation’s legal right to live forever.
Perpetual Life
LLCs can have this number of members.
An Unlimited Number
The person who owns the idea in a franchise agreement is considered who?
Franchisor
In a partnership this partner is only responsible for their initial investment not the debt of the company.
A Limited Parnter
A purchase made into a company with the intention of receiving income or profit.
An Investment
This corporation is double taxed and has to complete two tax returns.
A C Corporation
Through this method LLCs may elect not to pay federal taxes directly. Instead, their profits and losses are reported on the personal tax returns of the owners or members.
Pass-Through Taxation
There are restrictions on this in a franchise agreement...
Selling