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MarketingVocats3.06
Question | Answer |
---|---|
business owned and operated by one person. Seventy percent of all businesses in the United States | Sole Proprietorship |
The business owner is responsible for all business losses including the initial investment and the ability of the owner to pay-disadvantage of sole proprietorship | Unlimited Liability |
A business owned and operated by two or more people. Less than 10% of all businesses in the United States | Partnership |
An agreement in which both partners share equally in the profit and/or loss of the business | General Partnership |
i. Each limited partner is liable for any debts of the business up to the amount of his/her investment | Limited Partnership |
A business owned by stockholders | Corporation |
do not offer shares of stock for sale to the general public | Private Corporation |
Another term for private corporation | Closed |
offer shares of stock for sale to the general public | Public Corporation |
Another term for publication corporation | Open |
A combination of a partnership and a corporation (LLC) | Limited Liability Corporation |
The earnings of the LLC are taxed only once | Pass Through Taxation |