Sole Proprietor
What is a Sole Proprietorship?
What is where a single person owns and operates the business?
What is a partnership?
What is a type of business owned by two or more individuals, where each person has an equal stake in the business and shares liability?
What is a corporation?
What is a legal entity that is owned by stockholders or who face limited liability for that company?
What is a business franchise?
What are semi independent businesses that pays money to a parent company, examples include McDonalds, Jack in The Box, Burger King etc.
What is a horizontal merger?
What is where two or more firms join together that are in the same market?
What three things are required to start a Sole Proprietorship?
What are authorization/business liscence, Site permit and a Name?
What is an advantage and a disadvantages of a partnership?
An advantage is the ease of starting up the business and a disadvantage is having to share profits with others?
What is stock?
What is a certificate of a person’s ownership or stake in a corporation?
What are the advantages and disadvantages of franchises?
Disadvantages are high franchising fees and strict operating standards?
What is a vertical merger?
What is where two or more firms are involved in different stages of producing a good or service?
What are Zoning Laws?
What are laws designating areas where there are categorized under business and residential?
What is an asset?
What is money or valuables?
What is a bond?
What is a formal contract where borrowed money is repaid with interest?
What is a non-profit?
What are non for profit businesses that are benefiting society?
What are advantages and disadvantages of a sole proprietorship?
An advantage is receiving all profits and a disadvantage is you are personally liable.
What is the UPA? Uniform Partnership Act
What is the Uniform Partnership Act? These are laws adopted by most states that establish rules for partnerships?
What are advantages of a corporation?
What are disadvantages of a corporation?
What is money is raised by selling stock?
What is difficulty of starting up?
What is a liability?
What is a dividend?
What is where a portion of corporate profits are paid to stockholders?