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MarketingVocats3.06

QuestionAnswer
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
Created by: melinda.fornes
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