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Forms of business ownership

QuestionAnswer
What is a proprietorship It is a business owned and run by just one person
What is a partnership It is a business owned and controlled by two or more people who have entered into a written agreement
What is a corporation it is a separate legal entity formed by documents filed with your state.
What is a partnership agreement It is a written agreement among all owners
What is articles of incorporation It is a written legal document that defines ownership and operating procedures and conditions for the business
What is a franchise it is a written contract granting permission to operate a business to sell products and services in a set way
What is a mission statement It is a short, specific written statement of the reason a business exists and what it wants to achieve
what is a goal It is a precise statement of results the business expects to achieve
What are Policies The are guidelines used in making consistent decisions
What are Procedures They are descriptions of the way work is to be done.
Created by: butch6244
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