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Small Business

Chapter 7

QuestionAnswer
Sole Proprietorship A business that is owned and operated by one person.
Liability Protection Insurance.
Unlimited Liability Full responsilbilty for all debts and actions of the business.
Partnership An unincorporated business with two or more owners.
General Partner A participant in a partnership who has unlimited personal liability abd takes full responsibility for managing the business.
Limited Partner A partner whose liability is limited to his or her investment.
Corporation A business that is registered by a state and operates from its owners.
C-corporation An entity that pays taxes on earnings.
Shareholders The owners of the corporation.
Limited Liability Partial responsibility of a corporate shareholder; they are responsible only up to the amount of the individual investment.
Subchapter S Corporation A corporation that is taxed like a partnership.
Nonprofit Corporation A legal entity that makes money for reasons other than the owners' profit.
Limited Liability Company(LLC) A company whose owners and managers enjoy limited liability and some tax benefits, but it avoids some restrictions associated with Subchapter S corporations.
Which form of business would be best for a company with employees and a leased retail space? C-corporation
Working as a team member is similar to being in a partnership. What are some advantages and disadvantages of working together? Advantages-Similar to the ones of a sole proproetorship, inexpensive, general partners have complete control, share ideas and secure investment capital more easily and in greater amounts. Disadvantages-personality conflicts, technical.
Propose an example of a joint venture or strategic alliance that might be successful in today's global economy. Explain your proposal.
In which type of business structure would owners have the easiest time obtaining financing from a bank? Explain your answer. In partnerships because more than one person is involved.
Compare a limited liability company with a C-corporation.
What kinds of ventures might be more appropriate for a nonprofit structure than for a profit structure? Charity, volunteer.
Created by: BrittanyWilson
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