Unlimited liability means after bankruptcy, the owners can lose their house, car, & savings.

Disadvantage of sole proprietorship or partnership

Each partner is fully responsible for the acts of all partners.

Disadvantage of sole proprietorship or partnership

Owners get to keep all the profits.

Advantage of a sole proprietorship or partnership

The owner dies, the business stops.

Disadvantage of sole proprietorship or partnership

Owners are personally liable for all debts & judgments against the business.

Disadvantage of sole proprietorship or partnership

There is no need to file papers and few fees are necessary.

Advantage of a sole proprietorship or partnership

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The GOAT - Type of Business Review

11 termsStudBud Administration247 plays

A review of both sole proprietorships/partnerships and corporations different advantages and disadvantages.

Flashcards11 cardsFPractice quizPHost liveL

Questions 11

Answers

1
The business can raise capital by selling shares of stock
Disadvantage of sole proprietorship or partnership
Advantage of a corporation
Advantage of a sole proprietorship or partnership
Disadvantage of a corporation
2
Unlimited liability means after bankruptcy, the owners can lose their house, car, & savings.
Disadvantage of sole proprietorship or partnership
Advantage of a sole proprietorship or partnership
Advantage of a corporation
Disadvantage of a corporation
3
Each partner is fully responsible for the acts of all partners.
Disadvantage of a corporation
Advantage of a corporation
Advantage of a sole proprietorship or partnership
Disadvantage of sole proprietorship or partnership
4
Owners get to keep all the profits.
Disadvantage of sole proprietorship or partnership
Advantage of a sole proprietorship or partnership
Advantage of a corporation
Disadvantage of a corporation
5
These businesses have the better longevity (unlimited life).
Disadvantage of a corporation
Advantage of a sole proprietorship or partnership
Disadvantage of sole proprietorship or partnership
Advantage of a corporation
6
The owner dies, the business stops.
Advantage of a sole proprietorship or partnership
Disadvantage of a corporation
Advantage of a corporation
Disadvantage of sole proprietorship or partnership
7
These businesses undergo double taxation-on its profits and on its dividends.
Disadvantage of sole proprietorship or partnership
Disadvantage of a corporation
Advantage of a corporation
Advantage of a sole proprietorship or partnership
8
Owners are personally liable for all debts & judgments against the business.
Advantage of a sole proprietorship or partnership
Disadvantage of sole proprietorship or partnership
Advantage of a corporation
Disadvantage of a corporation
9
Personal liability is limited to the amount of money invested in the business.
Advantage of a corporation
Disadvantage of sole proprietorship or partnership
Advantage of a sole proprietorship or partnership
Disadvantage of a corporation
10
Because of the separation of ownership & management, specialist are assigned.
Advantage of a corporation
Advantage of a sole proprietorship or partnership
Disadvantage of a corporation
Disadvantage of sole proprietorship or partnership
11
There is no need to file papers and few fees are necessary.
Disadvantage of sole proprietorship or partnership
Advantage of a corporation
Advantage of a sole proprietorship or partnership
Disadvantage of a corporation

The GOAT - Type of Business Review Flashcards | StudBud

The GOAT - Type of Business Review

11 termsStudBud Administration247 plays

A review of both sole proprietorships/partnerships and corporations different advantages and disadvantages.

Flashcards11 cardsFPractice quizPHost liveL

Questions 11

Answers

1
The business can raise capital by selling shares of stock
Disadvantage of sole proprietorship or partnership
Advantage of a corporation
Advantage of a sole proprietorship or partnership
Disadvantage of a corporation
2
Unlimited liability means after bankruptcy, the owners can lose their house, car, & savings.
Disadvantage of sole proprietorship or partnership
Advantage of a sole proprietorship or partnership
Advantage of a corporation
Disadvantage of a corporation
3
Each partner is fully responsible for the acts of all partners.
Disadvantage of a corporation
Advantage of a corporation
Advantage of a sole proprietorship or partnership
Disadvantage of sole proprietorship or partnership
4
Owners get to keep all the profits.
Disadvantage of sole proprietorship or partnership
Advantage of a sole proprietorship or partnership
Advantage of a corporation
Disadvantage of a corporation
5
These businesses have the better longevity (unlimited life).
Disadvantage of a corporation
Advantage of a sole proprietorship or partnership
Disadvantage of sole proprietorship or partnership
Advantage of a corporation
6
The owner dies, the business stops.
Advantage of a sole proprietorship or partnership
Disadvantage of a corporation
Advantage of a corporation
Disadvantage of sole proprietorship or partnership
7
These businesses undergo double taxation-on its profits and on its dividends.
Disadvantage of sole proprietorship or partnership
Disadvantage of a corporation
Advantage of a corporation
Advantage of a sole proprietorship or partnership
8
Owners are personally liable for all debts & judgments against the business.
Advantage of a sole proprietorship or partnership
Disadvantage of sole proprietorship or partnership
Advantage of a corporation
Disadvantage of a corporation
9
Personal liability is limited to the amount of money invested in the business.
Advantage of a corporation
Disadvantage of sole proprietorship or partnership
Advantage of a sole proprietorship or partnership
Disadvantage of a corporation
10
Because of the separation of ownership & management, specialist are assigned.
Advantage of a corporation
Advantage of a sole proprietorship or partnership
Disadvantage of a corporation
Disadvantage of sole proprietorship or partnership
11
There is no need to file papers and few fees are necessary.
Disadvantage of sole proprietorship or partnership
Advantage of a corporation
Advantage of a sole proprietorship or partnership
Disadvantage of a corporation