Entrepreneurship - Unit 3 - Chapter 7

Term for when owners are liable for only the amount of their investment.

All are nonprofit organizations except:

Form of a business where the owners does not keep profits.  Put back into business.

A limited partner has no say in the business they hold a share of.

Liability protection is considered:

Responsible for debts incurred by a business. May have to be paid from owner's personal assets.

DBA stands for this.

Partner that has unlimited liability and shares the full responsibility of a business.

An advantage of a Sole Proprietorship is:

People or entities who own shares in a business.

A corporation can live beyond its owner(s).

A disadvantage of a partnership is:

What are ways to make a partnership work?

Businesses need to file for this for tax purposes.

Most common form of a corporation.

Form of business with only one owner.

What is an example of a franchise?

Form of a business uses to avoid double taxation. 

Form of business where 2 or more owners share business decisions and outcomes.

A hybrid form of a legal business.