Ch. 3.2 & 7 Review

The law requires that all partnerships have at least one

A form of business where the owner is the only one responsible for the businesses activities.

Corporations have perpetual existence.

Group of people/companies who have a demand for a product/service &are willing & able to buy it

Only one-fourth of family businesses survive to the second generation.

The biggest disadvantage of a sole proprietorship is financial.

A business registered by a state is called a

Personality conflicts among partners are why most partnerships end.

The law requires a partnership to be based on a written agreement.

A document that describes a new business is a

The hardest but most popular form of business to create is a sole proprietorship.

A form of business where the one person shares the business decisions and outcomes is called an

The advantages of a partnership are opposite to those of a sole proprietorship.

Corporations can costs between _______ and ________ to create.

A ________ is a legal agreement to begin a new business in the name of a recognized company.

A general partner in a partnership has unlimited liability

Corporations are easy to create.

You do need EIN number to hire employees

The people most likely to buy a business's products or services are called

Partners in a business whose liability is limited to their investment are called

A business broker is someone whose job is to bring buyers and sellers together.