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ADV/DIS
OTHER
100
The most common type of business organization in the United States
What is SOLE PROPRIETORSHIP?
100
Two or more persons to carry on as co-owners of a business for a profit.
What is PARTNERSHIP?
100

Business owned and managed by an individual.

What is SOLE PROPREITORSHIP?

100

Easiest to start and to get out

What are SOLE PROPRIETORSHIP ADVANTAGES?

100

An organization that works in a businesslike way to promote the collective interests of its members. Example: American Red Cross

What is a nonprofit or public service?

200
Also known as stocks
What are SHARES?
200

Type of business organization that accounts for the most sales.

What is a CORPORATION?

200
Risks 100% of loss should the business fail.
Who is SOLE PROPRIETOR?
200

Potential for conflict, and limited life

What are PARTNERSHIP DISADVANTAGES?

200

Owned and operated by a group for their shared beliefs

What is a COOPERATIVE?

300
A business which is owned by a group of stockholders.
What is CORPORATION?
300

The least common form of business organization

What is a PARTNERSHIP?

300
A business that has its profits taxed twice.
What is a CORPORATION?
300

Subject to double taxation on profits

What is a CORPORATION DISADVANTAGE?

300

Negotiation between union and company representatives over pay, benefits, and other job related matters.

What is COLLECTIVE BARGAINING?

400
Type of liability in which you can lose all your assets.
What is UNLIMITED LIABILITY?
400

Is viewed as a legal entity that can sue and be sued.

What is a CORPORATION?

400
Type of liability in which you only lose your initial investment in the company.
What is LIMITED LIABILITY ?
400

May have to most difficulty raising capital or attracting top personnel

What is a SOLE PROPRIETORSHIP DISADVANTAGE?

400

Organizations that are legally incorporated to advantage unlimited life and limited liability. Examples include churches, schools, and hospitals.

What are COMMUNITY ORGANIZATIONS?

500
Profits paid out to stockholders.
What are DIVIDENDS?
500

Legal obligation to pay debts

What is a LIABILITY?

500

Partners share responsibility, liability, and profits equally

What is GENERAL PARTNERSHIP ?

500

LIMITED LIABILITY

What is CORPORATION ADVANTAGE?

500

Situation in which a business ceases to exist if the owner dies, retires, or leaves the business for some other reason.

What is LIMITED LIFE?