Entrepreneurship Chapter 4 - Types of Ownership

A business owned by two or more people who share the responsibilities and liabilities.

The most common form of business is the _________ because it has the least gov't involvement.

Recurring payments made to the owner of a franchise to the seller of franchise.

When buying an existing business you should analyze accounting reports of operations for : 

Distribution of profits to shareholders by corporations are:

Ownership of stock can be more easily transferred than transferring ownership in a partnership.

A partnership agreement should outline what happens if the partnership ends.

You have a lot more liability with a corporation.

In a partnership, the ability to raise capital is greater than a sole proprietorship. 

Fee a franchise owner pays for the right to run the franchise. 

An advantage of working in a family business is:

A group of people who meet several times a year to make decisions about a company or corp.

An S corporation has more taxes than a typical Corporation. 

An amount owed to others is also called a 

When purchasing an existing business you should find out why the business is being sold.

a legal agreement that gives the right to market a company's products or services 

Which of the following is an advantage of owning a franchise?

One of the disadvantages of a partnership is being liable for errors of the other partners