Chapter 35
It is the most popular form of business ownership in the U.S.
What is sole proprietorship?
It is a voluntary association between two or more persons who co-own a business for a profit.
What is partnership?
Corporations distribute their income to shareholders in this form.
What are dividends?
Directors who are not officers or employees of the corporation.
Who are outside directors?
It is a relationship between two or more persons or corporations created for a specific business undertaking.
What is a joint venture?
It is a type of partnership that offers the tax advantages of a partnership and the liability advantages are similar to a corporation while allowing for unlimited shareholders.
What is a limited partnership?
They are responsible for managing the business of a corporation.
Who are members of the board of directors?
A term that best describes the owners of a corporation.
Who are shareholders?
A form of business organization that exists because of an arrangement between the owner of a trade name or trademark and a person who sells goods or services under the trade name or trademark.
What is a franchise?
It is a written agreement that creates a partnership.
What are partnership articles?
A type of business organization that is NOT terminated upon death of the owners.
What is a corporation?
It is that kind of taxation that happens when a corporation pays taxes on dividends and shareholders pay taxes on dividends received.
What is double taxation?