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Businesss Structures

Understanding various types of business

QuestionAnswer
The simplest and most common form of business is called: Sole Proprietorship
------ is a single business where two or more people share ownership and each person contributes special talents and shares in the profits and losses of the business. Partnership
Many larger business owners form ---- to protect themselves against financial and legal liabilities. corporations
Which type of business has the most complex tax and legal requirements? Corporation
A disadvantage of sole proprietorship is Being held liable (or personally responsible) for negative actions by one of your employees
In terms of a business, revenue means the money the business will receive from goods or services
A business plan describes the nature of the business and outlines all the aspects of a business. It can be compared to a road map
A business can't get a -------- without a well thought-out business plan. loan
A business plan begins with creating a ------ statement. mission
A business plan helps to keep us on track and provides directions so we can plan it's future. This is an example of developing short-term and ---- - term goals. long-term goals
Business plans have many components. Which three section titles are always included in a business plan? Executive summary, mission statement, company description/background
Created by: Jan714
 

 



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