review ownership
TRANSCRIPT
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. . .