Chapter 7 - Types of Business Ownership

An unincorporated business with two or more partners is called a

When profits remain within the corporation it is a 

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

One major type of corporation is a 

One of the benefits of setting up a LLC, is

A corporation can live beyond the life of its founders.

The biggest disadvantage of a sole proprietorship is the owner

A hybrid legal form for a business is called 

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

Corporate owners are called

The principle disadvantage of a sole proprietorship is 

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

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

How can a nonprofit business benefit an owner?

The sole proprietorship offers the owner protections from liability.

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

The law requires that all partnerships have

A legal form that avoids double taxation.

A Subchapter S corporation is

Which type of corporate form is expensive to set up?

A business that is owned and operated by one person.

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

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

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

A partner who risks his or her own investment.

Liability protection is another term for