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Marketing

QuestionAnswer
What is a sole proprietorship? A business that is owned by one person.
What is a partnership? A legal agreement between two or more people to be jointly responsible for the success or failure of a business.
What is a limited liability company? It is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.
What is a corporation? A legal entity by either created by either a state or federal statue,authorizing individuals to operate an enterprise.
What is a franchise? A legal agreement to sell a parent company's product or services in a designated geographic area.
What are the four ways to own a business? 1)Purchase an existing non franchise business 2)Take over family business 3)Purchase franchise business 4)Start new business
What must a business do to form a sole proprietorship? They must file a DBA(Doing Business As).
When filing the Articles of Incorporation, you must identify what? Name, address of a new corporation, its purpose, names of initial directors, and amount of stock issued to each director.
Advantage: Easy to start Sole Proprietorship
How many forms of business owner ships are there? 4
Disadvantage:Owners may not always agree on decisions Partnership
Advantage: Owners can enter and exit by selling stock. Corporation
What is the easiest form of business to start? Sole Proprietorship
Advantage:Taxed only on profit;less regulated than corporations Partnership
Advantage: Allowed in all states Limited Liability Company
Stockholders are involved with what form of business ownership? Corporation
Corporations are either _______ or _______. Public or private
Created by: 2Wavy
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