PBMF Lesson 5-2: Forms of Business Ownership

Front

Owned and controlled by two or more people

Back

Partnership

Front

A written agreement defines ownership: Proprietorship, Partnership, Corporation, Partnership and/or Corporation

Back

Partnership

Front

Owned and run by one person

Back

Proprietorship

Front

Shareholders have a voice in business decisions. Options: Proprietorship, Partnership, Corporation, All of these

Back

Corporation

Front

No protection for personal assets: Proprietorship, Partnership, Corporation, Proprietorship and/or Partnership

Back

Proprietorship and/or Partnership

Front

Managed by a board of directors: Proprietorship, Partnership, Corporation, Partnership and/or Corporation

Back

Corporation

Front

Usually must be dissolved if an owner leaves: Proprietorship, Partnership, Corporation, All of these

Back

Partnership

Front

The easiest form of business to start and run

Back

Proprietorship

Front

Protects the liability of owners: Proprietorship, Partnership, Corporation, All of these

Back

Corporation

Front

Business income is taxed as personal income. Options: Proprietorship, Partnership, Corporation, Proprietorship and/or Partnership

Back

Proprietorship and/or Partnership