- LLC's are considered to have operational flexibility because while they must submit articles of organization, they are not required to:
- Because owners are only responsible for losses up to the amount they have invested in a corporation, limited liability is considered:
- Corporations can raise large amounts of money, take advantage of economies of scale, and hire experts in all areas of operation. This can be summarized as ______ advantage.
- Ed has decided to purchase and follow a business format by becoming a franchisee. The ___________ he will sign gives him the right to use the business name and sell the products of the firm.
- A unique government creation that looks like a corporation but is taxed like a sole proprietorship or partnership is called a(n) ________ corporation
- Taryn and Eilysh have decided to form a partnership. Taryn will not have management responsibility, but will invest money in the business. Taryn will be considered a(n) ________ partner.
- An S corporation has the liability protections of a corporation but is taxed:
- Limited liability, choice of taxation, flexible ownership rules, and operating flexibility are all advantages of a(n) _______ company
- True or false: Corporations must be large in size to benefit from the advantages of incorporating.
- hen there is one or more general partners and one or more limited partners, the firm is a(n):
- The responsibility for a loss only up to the amount invested is ______ liability
- Studies have indicated that partnerships are four times more likely to succeed than:
- Selling shares of stock to anyone allows a _________ to raise more money to grow.
- True or false: Partnerships are less likely to survive than sole proprietorships.
- When you own a sole proprietorship you and the business are considered one, so you have ________ liability for financial obligations such as debt.
- A corporation is a legal _______ with authority to act and have liability separate from its owners.
- For a business to grow, prosper, and create economic opportunity, many people have to be willing to invest money in it. An advantage of a corporation is its ability to raise money through the sale of
- Select those items considered fringe benefits that people working for a company are likely to receive, but a sole proprietor has to develop on his own:
- One of the most important advantages of the sole proprietor form of ownership is that a business owner:
- Unlimited liability as it relates to sole proprietorships is the risk of loss of _______ , assets beyond the assets of the business.