Entrepreneurship Chapter 7 Business Ownership

A ___________ is an unincorporated business with two or more owners.

Geoffrey has worked in the restaurants. Now he wants to open his own restaurant. It will be a

A ______________ is a legal entity that makes money for reasons other than the owners' profit.

If you are going to hire employees, you need to obtain a/an_________.

A limited liability company has owners that are known as members. 

You want complete control over the operation of the business you should form a ______?

What is a partnership?

_________ are by far the most common type of business organizations in the United States. 

In the process of forming a corporation, the entrepreneur must file a_________.

If you are a vendor or a retailer, you need a/an________________.

an owner who has full responsibility for all debts and actions of the business has ____.

A ___________ is a business registered by a state that operates apart from its owners.

A C Corporation is an entity that pays 

What is a nonprofit corporation?

A/An _________ partner is a participant in a partnership who has unlimited personal liability.

Many law and medical firms choose to form a______ to protect their partners.

What is an (are) disadvantage(s) of sole proprietorship? 

What is an (are) advantage(s) of sole proprietorship? 

If a limited partner invest $10,000 in a business, how much can he or she lose?

_______________ are the owners of the corporation.

To operate as a sole proprietor of a business and use a different name, you must have a______.

A_______________ is a business that is owned and operated by one person.

A ___________ is an entity that pays taxes on earnings.