Types of Business Ownership Vocab Review PFS

A formal arrangement between 2 or more parties to manage and operate a business

• S Corporation

• Partnership

• Franchise

• Business Ownership

A public corporation that can sell stock to an unlimited number of owners

• SBA

• Non-Profit Corporation

• C Corporation

• Sole Proprietorship

Advantages of a partnership are:

• The partners split the profit

• Unlimited liability

• Raise more capital than a sole trader

• Share the workload

When the Business is its own legal entity and is responsible for its own debts.

• Unlimited Liability

• Limited Liability

• Limited Company

• Unlimited Company

Up to 20 people can be owners.

• Sole Trader

• Partnership

• Limited Company

A parent company that sells the right to open the stores and sell products or services using its brand, expertise, and intellectual property.

• Franchise

• Franchisee

• Franchisor

• Business Owner

Agency that provides support to entrepreneurs and small businesses

• S Corp

• SBA

• Franchisor

• Corporation

A business owned and operated by one individual.

• Partnership

• Sole Proprietorsip

• LLC

• Corporation

Corporation that opperates to accomplish a special mission like The American Red Cross

• Franchise

• LLC

• Non-Profit Corporation

• SBA

Dunkin Donuts is an example of a

• C Corporation

• Non-Profit Corporation

• S Corporation

• Franchise