Proprietorships
The most Common form of business organization in the United States.
What is Sole Proprietorship or Proprietorship?
This type of partnership is the most Common form of partnerships.
What is a General Partnership?
Corporation is a.
A form of Business organization recognized by law as a separate legal entity with all the rights of an individual.
Franchise is a.
What is a business investment that involves renting or leasing another successful business model?
The definition of Entity.
A person or business that can legal issues directed at them.
What is one way you can start up a Proprietorship.
What is simply by putting up a lemonade stand in your front yard? or any means of a company or buisness.
In a ___________ at least one partner is not active in daily running of the business and has limited responsibility for the debts and obligations of the business.
What is a limited partnership?
What is a Charter.
A government document that gives permission to create a corporation is granted.
Someone who wishes to be a ________, you would have to contact a franchiser.
What is a franchisee?
The definition of a Bond.
A formal contract to repay borrowed money and interest on the borrowed money at regular future intervals.
What does it mean when a Proprietorship had a Limited Life.
It means the business dies if owner dies.
True or False: Partners that are not individually or double taxed is an advantage
Partners are not individually or double taxed is an advantage.
Corporations account for about _______ of businesses.
One-fifth of businesses.
Who participates in a franchise.
What is a Franchisor and Franchisee?
The definition of Principle.
The amount borrowed when getting a loan or issuing a bond.
List out the 3 Disadvantages of a Sole Proprietorship.
Disadvantages:
- Limited Experience
- Unqualified employees
- Less efficient with small size
Name three Advantage of a partnership.
Advantages:
- More efficient with larger size
- Partners are not individually or double taxed
- Easier to get bank loans with added security from partner
How do you create a Corporation.
People who want to incorporate or form a corporation, must file for permission from the national government or the state where the business will have its headquarters.
One advantage and one disadvantage of being a franchisee.
Advantage:
- Use of a recognizable brand name
- quality standards
Disadvantage:
- High costs if they want to terminate their contract
- No ownership
The definition of Intrest.
The extra money owed for borrowing the money, usually paid over a period of time.
If I wanted to start a business, where would I have to start.
From anywhere, it can be run on the internet, out of a garage, or from an office in a professional building.
If one partner were sued or gets into any legal trouble for any reason, what would happen to the other partner if this were to occur.
The partner that is also involved would also be involved, and they'd both have to deal with the legal trouble.
Compare and Contrast the differences between a Common Stock and a Preferred stock.
Common stock -
basic form of corporate ownership, one vote per share for stockholders
Preferred stock -
stock without vote, in which stockholders get their investments back before common stockholders
Name two advantages and two disadvantages of being a franchisor.
Advantage:
- No need to construct a new location themselves - Reduced financial risk
Disadvantage:
- Risk of brand damage due to poor franchisee performance
- Less direct control
The definition of Inventory. (Has to be a word for word.)
The stock of goods held in reserve; includes finished goods waiting to be sold and raw materials to be used in production.