review ownership

REVIEW ENTREPRENEURSHIP

OWNERSHIP

March 12, 2013

The legal form of ownership which has the most difficulty in obtaining capital.

Sole Proprietorship

WHAT IS. . .

Owners of a corporation are called

STOCKHOLDERS

WHAT IS. . .

An enterprise that has two or more owners.

Partnership

WHAT IS. . .

Business owned by a group of people and authorized to act as though it were a single person.

Corporation

WHAT IS. . .

This means that the business will be dissolved upon the death, imprisonment, or bankruptcy of the proprietor

Limited life

WHAT IS. . .

Top executives who are hired to manage the daily operations of a business.

Officers

WHAT IS. . .

This means the OWNERS are personally liable for all business debts.

Unlimited liability

WHAT IS. . .

Persons elected by stockholders to develop long term plans and policies for a corporation.

Board of Directors

WHAT IS. . .

This disadvantage has Owners being taxed on profits twice. It is Called….

Double taxation

WHAT IS. . .

Ownership that lets owners have the protection from unlimited liability, the tax benefit of an individual and less than 75 stockholders is called a(n)....

S corporation

WHAT IS. . .

The ownership can operate indefinitely as long as it is profitable and does not end because of death or incapacity of the owner.

Continuous Life

WHAT IS. . .

Profits kept in the business for expansion are called...

Retained Earnings

WHAT IS. . .

This advantage encourages employees to remain with the business by making them an owner. This is called…

Employee incentive

WHAT IS. . .

When one person owns and operates a business it is called...

Sole Proprietorship

WHAT IS. . .

An owner can sell the equipment, inventory and other assets whenever he/she wants to close the business. This advantage is called ......

Easy Dissolution

WHAT IS. . .

No legal documents are required. Just a trip to Toms River to the Ocean County Clerk’s office. This advantage is called....

Easy Start-up

WHAT IS. . .

This is an official document granted by a state giving power to run a corporation. It permits the enterprise to engage in only those business activities stated in the document. It is called....

A Charter

WHAT IS. . .

Needing a charter, an application, paying a fee and possibly hiring a lawyer and an accountant before you can open the business is a disadvantage called .....

Complicated formation

WHAT IS. . .

This advantage that allows this owner to keep the financial records private.

Secrecy

WHAT IS. . .

The legal document that binds ALL partners in business

Articles of

Partnership

WHAT IS. . .

The most common type of business ownership.

Sole Proprietorship

WHAT IS. . .

The ownership with the easiest startup.

Sole Proprietorship

WHAT IS. . .

Owner is not involved with the daily operations of the business.

Limited Partnership

WHAT IS. . .

The type of ownership where all profits are yours

Sole Proprietorship

WHAT IS. . .

When a partner is protected with limited liability it is called . . .

Limited partnership

WHAT IS. . .

When a business’s existence is not affected by the death of the owner it is called . .

Corporation

WHAT IS. . .

Business ownership best suited for a business that sells merchandise or provides a service on a small scale.

Sole proprietorship

WHAT IS. . .

Ownership that has combined management skills

Partnership

WHAT IS. . .

Ownership that has little incentives for employees

Sole Proprietorship

WHAT IS. . .

Ownership where it is difficult to withdraw your investment

Partnership

WHAT IS. . .

Various government reports must be submitted periodically for this type of ownership.

Corporation

WHAT IS. . .

This business ownership is completely controlled by owner.

Sole Proprietorship

WHAT IS. . .

This disadvantage has owners risking their personal assets along with their invested capital. It is called…

Unlimited Liability

WHAT IS. . .

The most important advantage of partnerships when compared to proprietorships is __?__

WHAT IS. . .

Added Capital

WHAT IS. . .

A sole proprietor files income tax with a __?__ form.

1040 FORM

WHAT IS. . .

The place where permission is granted for a sole proprietorship.

Ocean County Clerk’s Office

WHAT IS. . .

The city you send your corporation application is…..

TRENTON, NJ

WHAT IS. . .

The ownership that allows flexibility to have a retained earnings account one year and not have one the next year

S Corporation

WHAT IS. . .

This ownership has Limited Liability but not double taxation

S Corporationor Limited Liability Corp. (LLC)

WHAT IS. . .

The ownership with a retained earning account

Corporation

WHAT IS. . .

TEST TOMORROW

WHAT IS. . .