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Small Business
Chapter 7
| Question | Answer |
|---|---|
| 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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