Business Types Flashcards
A(n) _____ is a person who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth
entrepreneur
entrepreneurs are the ____
starters
A ____ is owned and managed by one individual
sole proprietorships
sole proprietorships are ___ to create, ___ costly, ___ incentive, and ____ to discontinue
simple, least, profit, easy
A _____ has one general partner and at least one limited partner
limited partnership
limited partners are treated as ___ in the business and have ____ liability
investors, limited
A ____ has all partners in the business as limited partners
limited liability partnership
A ___ is an association of two or more people who can co-own a business
partnership
A ____ is a business only in their state
domestic corporation
A ____ is a business in another state
foreign corporation
A ____ is a business formed in another country with business in the US
Alien corporation
Publicly held has
a large number of shareholders
Closely held has
share that are in control of relatively small number of people
A ____ is like an S corporation: a cross between a partnership and a corporation
limited liability company
A ____ is very much like a partnership except it is formed for a specific limited purpose
joint venture
