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Business
CFM
| A sole proprietor is a (blank) who owns and operates a business. | Individual |
| The sole proprietor is the (blank) of a sole proprietorship. | Owner |
| A sole prprietorship can hire employees, but the owner (blank) be an employee. | Cannot |
| Typical examples of sole proprietorships include: | Shopkeepers, artists, craftspeople, carpenters, consultants, and writers. |
| All business debts are the responsibility of the (blank) in a sole proprietorship. | The owner |
| The owner is personally responsible for (blank) actions taken in the name of the business of a sole proprietorship. | All |
| A sole proprietorship is the (blank) regulated of all business forms. | Least |
| All profits are reported on the owner's (blank) tax reform in a sole proprietorship. | Personal |
| Partnership: Typical Size | Large firm with many partners |
| The partnership can hire employees, but (blank) be employees. | Owners cannot |
| A partnership is based on a document called the (blank). | Partnership agreement |
| All business debts are the personal responsibilitiy of (blank) in a partnership. | The partners |
| All profits are taxed as personal income to the (blank) in a partnership. | Business debts |
| Corporation: Typical Size | Two stock holders to millions of them |
| A corporation can hire employees, who (blank) include owners. | May |
| A corporation is a legal person in the eyes of the law and can (blank) property, make money, and be sued just like a(n) (blank). | Own, single individual |
| The corporation owners are (blank) responsible did actions taken in the name of business. | Not |
| A corporation is among the (blank) regulated business forms. | Most |
| All profits are taxed (blank), once as (blank) income and again as (blank) income. | Twice, a corporation, investor |
| Limited Liability Company: Typical Size | Small-mid-sized |
| A limited liability company (LLC) combines some aspects of a (blank) and some aspects of a (blank). | Partnership, corporation |
| All business debts are (blank) the responsibility of the owners (limited liability). | Not |
| An LLC may choose to be taxed as either a(n) (blank) or a(n) (blank) under IRS rules. | Partnership, individual |
| An LLC is governed by (blank) laws. | Complex |
| An LLC can hire employees, who normally (blank) be owners. | Can't |
| Sole Proprietor: Typical Size | Very small |
Created by:
Blissful_Olive
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