B.E. Chapter 7 - Types of Business Ownership

What is one of the main advantages of creating a Sole Proprietorship?

When profits remain within the corporation it is a

A business that is owned and operated by one person.

Which of the following would not be one of the things needed for a partnership surviving?

The law requires that all partnerships have

Full responsibility for all the debts and actions of a business is a

Corporate owners are called

A Subchapter S corporation is

A hybrid legal form for a business is called

Liability protection is another term for

Which of the following would not be a reason to choose a corporate form?

All partners must sign every contract in a general partnership.

If you are going to hire employees, you must obtain an EIN which comes from the

One of the disadvantages of a partnership is

A nonprofit corporation makes money primarily for the owner's profit.

When you use your own name for the business, you need a

An unincorporated business with two or more partners is called a

A legal entity that makes money for reasons other than profit for the owner(s) is

A partner who risks his or her own investment.

What is the term for the most common business organization involving more than one owner?

The sole proprietorship offers the owner protections from liability.

A limited partner has no say over the management of the business.

A legal form that avoids double taxation.

The biggest disadvantage of a sole proprietorship is the owner

A corporation can live beyond the life of its founders.

The principle disadvantage of a sole proprietorship is

One major type of corporation is a

How can a nonprofit business benefit an owner?

Which type of corporate form is expensive to set up?

One of the benefits of setting up a LLC, is