Sole Proprietorship
the most common type of business in the United States
What is sole proprietorship?
a partnership in a business is owned by ____ or more people.
What is two?
A corporation used to accomplish a certain mission instead of making a profit.
What is a non-profit corporation?
to own a franchise, you must pay an _________.
each owner has one vote for each share of stock in this type of business ownership
What is a corporation?
the term when the owner is responsible for the company's debts and may lose personal assets definition
What is Unlimited Liability?
the purpose of forming a partnership is to combine the ______, experience, and abilities of the individual owners
What is Capital?
True or False: The corporation form of ownership is suitable for almost any type of business.
What is true?
the seller or parent company who owns the company name or trademark rights.
What is a franchisor?
when two individual businesses combine to form one company
What is a merger?
Sole proprietorships are usually found in _______ businesses.
What is small or local?
the two types of business partnerships
What are limited and general partnerships?
an owner of a corporation must become a _______.
What is a stockholder?
______ acquires the rights to operate the business using the parent company’s name
What is a franchisee?
The three main types of business ownership
What is sole proprietorship, partnership, and corporation?
where sole proprietors get their start-up funds
What are bank loans or private investors?
In a general partnership, each partner has _______.
What is unlimited liability?
A ______ can sell millions of shares of stock to the general public.
What is a public corporation?
the two types of franchises
What is a business-format-franchise and product trade-name franchise?
refer's to an owner's authorization or permission for another entity to to use trademarked, copyrighted, or patented material
What is licensing?
any debts that the business owner owes can be collected from his/her personal _____.
What are assets?
limited partnership permits a partner to invest money in a business but have ______.
What is limited liability?
A _______ does not offer share for sale to the general public.
What is a private corporation?
the franchisor establishes a relationship with another person or firm known as a _____.
What is a master licensee?
When farmers group together to sell a product they form a _______.
What is a cooperative?