Show:
Advantages/
Disadvantages
Facts
Different types of Buisnesses
Partnerships
Bonus
100
List three advantages to owning your own business
get all profit, easy to create, lower tax rates
100
What Business is the simplest to start
sole proprietorship
100
Which type of Business lets the owner get all profit
sole proprietorship
100
What is a General Partnership
an association of persons or an unincorporated company with the following major features
100
Buy Scouts/Girl Scouts of America
What is an example of a nonprofit corporation
200
List three disadvantages of owning you own business
unlimited liability, more difficult to raise capital, death results in business dissolution
200
What percent of businesses in the USA are sole proprietorship's
76%
200
What is a sole Proprietorship
owned and run by one individual and where there is no legal distinction between the owner and the business
200
What are four main types of partnerships
General, Limited, Joint venture, strategic alliance
200
What is a nonprofit corporations
make money for reasons other than the owners profit
300
What are three advantages to owning a corporation
Easy to raise capital Liability limited to amount of investment More status
300
What is a corporation
Business that is chartered, or registered, by a state.
300
What are three types of corporations
C-Corporation Subchapter S Corporation Nonprofit Corporation
300
List three facts about general Partnerships
Both have unlimited liability, all take full responsibility, Law requires at least one general partner
300
What are three alternate ways to do business
Franchise Nonprofit Organization Cooperative
400
List three disadvantages of owning you own business
unlimited liability, more difficult to raise capital, death results in business dissolution
400
What is an article of incorporation?
A written legal document that defines ownership and operating procedures and conditions for the business
400
What is a franchise
A franchise is a contractual agreement to sell a company’s products or service in a designated geographic area.
400
What is a limited partnership
Liability limited to amount of investment Not actively involved in business, or lose limited liability status
400
What is a Subchapter S Corporation
Taxed like a sole proprietorship or partnership
500
What are three disadvantages to having a partnership
Business ends if one partner leaves or dies Personality conflicts Each partner held liable for actions of the other
500
What are corporate bylaws?
Details that are the operating procedures for the corporation
500
What is a strategic alliance
Two businesses that work together for mutual benefit.
500
What is a joint venture
Companies join to complete specific project
500
Why would someone want to own their own buisness
A chance to be in control A chance to make decisions