Types of Business Ownership

Front

What should your choice of business ownership depend on?

Back

Your needs and goals

Front

Which form of business ownership involves multiple individuals sharing responsibilities?

Back

Partnership

Front

Which form of business ownership is typically characterized by a single individual owning the business?

Back

Sole proprietorship

Front

Which form of business ownership is often associated with limited liability for its owners? Options: Sole proprietorship, Partnership, Corporation, Cooperative

Back

Corporation

Front

What is one advantage of a sole proprietorship regarding government intervention?

Back

Minimal government intervention unless certification or permits are needed.

Front

What is a cost-related advantage of starting a sole proprietorship?

Back

It is easy and inexpensive to create.

Front

What is a decision-making advantage of a sole proprietorship?

Back

Decisions are made quickly without checking with others.

Front

How are taxes typically paid in a sole proprietorship?

Back

As personal income of the owner.

Front

What is a major disadvantage of sole proprietorships?

Back

Unlimited liability

Front

In a sole proprietorship, what can happen if business debts cannot be paid with business income?

Back

The owner's personal assets may be taken.