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Transcript of Review ownership
![Page 1: Review ownership](https://reader036.fdocuments.in/reader036/viewer/2022062319/5562ff5cd8b42a62598b4eae/html5/thumbnails/1.jpg)
REVIEW ENTREPRENEURSHIP
OWNERSHIP
March 12, 2013
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The legal form of ownership which has the most difficulty in obtaining capital.
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Sole Proprietorship
WHAT IS. . .
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Owners of a corporation are called
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STOCKHOLDERS
WHAT IS. . .
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An enterprise that has two or more owners.
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Partnership
WHAT IS. . .
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Business owned by a group of people and authorized to act as though it were a single person.
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Corporation
WHAT IS. . .
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This means that the business will be dissolved upon the death, imprisonment, or bankruptcy of the proprietor
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Limited life
WHAT IS. . .
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Top executives who are hired to manage the daily operations of a business.
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Officers
WHAT IS. . .
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This means the OWNERS are personally liable for all business debts.
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Unlimited liability
WHAT IS. . .
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Persons elected by stockholders to develop long term plans and policies for a corporation.
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Board of Directors
WHAT IS. . .
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This disadvantage has Owners being taxed on profits twice. It is Called….
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Double taxation
WHAT IS. . .
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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)....
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S corporation
WHAT IS. . .
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The ownership can operate indefinitely as long as it is profitable and does not end because of death or incapacity of the owner.
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Continuous Life
WHAT IS. . .
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Profits kept in the business for expansion are called...
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Retained Earnings
WHAT IS. . .
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This advantage encourages employees to remain with the business by making them an owner. This is called…
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Employee incentive
WHAT IS. . .
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When one person owns and operates a business it is called...
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Sole Proprietorship
WHAT IS. . .
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An owner can sell the equipment, inventory and other assets whenever he/she wants to close the business. This advantage is called ......
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Easy Dissolution
WHAT IS. . .
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No legal documents are required. Just a trip to Toms River to the Ocean County Clerk’s office. This advantage is called....
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Easy Start-up
WHAT IS. . .
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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....
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A Charter
WHAT IS. . .
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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 .....
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Complicated formation
WHAT IS. . .
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This advantage that allows this owner to keep the financial records private.
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Secrecy
WHAT IS. . .
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The legal document that binds ALL partners in business
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Articles of
Partnership
WHAT IS. . .
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The most common type of business ownership.
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Sole Proprietorship
WHAT IS. . .
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The ownership with the easiest startup.
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Sole Proprietorship
WHAT IS. . .
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Owner is not involved with the daily operations of the business.
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Limited Partnership
WHAT IS. . .
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The type of ownership where all profits are yours
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Sole Proprietorship
WHAT IS. . .
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When a partner is protected with limited liability it is called . . .
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Limited partnership
WHAT IS. . .
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When a business’s existence is not affected by the death of the owner it is called . .
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Corporation
WHAT IS. . .
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Business ownership best suited for a business that sells merchandise or provides a service on a small scale.
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Sole proprietorship
WHAT IS. . .
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Ownership that has combined management skills
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Partnership
WHAT IS. . .
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Ownership that has little incentives for employees
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Sole Proprietorship
WHAT IS. . .
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Ownership where it is difficult to withdraw your investment
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Partnership
WHAT IS. . .
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Various government reports must be submitted periodically for this type of ownership.
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Corporation
WHAT IS. . .
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This business ownership is completely controlled by owner.
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Sole Proprietorship
WHAT IS. . .
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This disadvantage has owners risking their personal assets along with their invested capital. It is called…
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Unlimited Liability
WHAT IS. . .
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The most important advantage of partnerships when compared to proprietorships is __?__
WHAT IS. . .
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Added Capital
WHAT IS. . .
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A sole proprietor files income tax with a __?__ form.
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1040 FORM
WHAT IS. . .
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The place where permission is granted for a sole proprietorship.
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Ocean County Clerk’s Office
WHAT IS. . .
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The city you send your corporation application is…..
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TRENTON, NJ
WHAT IS. . .
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The ownership that allows flexibility to have a retained earnings account one year and not have one the next year
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S Corporation
WHAT IS. . .
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This ownership has Limited Liability but not double taxation
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S Corporationor Limited Liability Corp. (LLC)
WHAT IS. . .
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The ownership with a retained earning account
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Corporation
WHAT IS. . .
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TEST TOMORROW
WHAT IS. . .