Business Organization

Front

Business that is owned and operated by those using its services; also called a co-op.

Back

cooperative

Front

Group of individuals who make high-level management decisions for a business and establish company policies.

Back

board of directors

Front

John starts a new business and is considering the structure that will best protect his personal assets from business debts and claims. This consideration is known as:

Back

liability

Front

Business that is legally separate from its owners and has most of the legal rights of an actual person

Back

corporation

Front

form of business ownership that combines the benefits of a corporation with those of proprietorships and partnerships.

Back

limited liability company (LLC)

Front

Written contract that establishes a partnership; also called the articles of partnership.

Back

partnership agreement

Front

Business is owned and often operated by a single individual.

Back

proprietorship

Front

Association of two or more persons who co-own a business with the objective of earning a profit.

Back

partnership

Front

Which is not an advantage of a partnership form of ownership? Easy to start, Combined financial resources, Simple tax structure

Back

Limited liability

Front

Which form of business ownership provides limited liability to its owners, but is taxed as a partnership? Options: S Corporation, Cooperative, Green Business, Limited partnership

Back

S Corporation