BM-Unit 2

Business owned by one person. In this type of business the owner is in charge of all day to day aspects of the business.

• Sole Proprietorship

• Partnership

• Corporation

Many owners but when the owners change, the company does not dissolve. The owners are also known as the shareholders. They then elect a board of people to make company policies, decisions, etc.

• Sole Proprietorship

• Partnership

• Corporation

Two or more people operating a business as co-owners, who share all profits, usually create a legal agreement on splitting up the day to day aspects of running a business.

• Sole Proprietorship

• Partnership

• Corporation

 Type of business ownership where there can be a single or multiple owners, like a partnership, but you have an option to be taxed like a corporation. 

• LLC

• Non-Profit

• Franchise

The purpose for this type of business is to support a good cause and has no owners.

• LLC

• Non-Profit

• Franchise

A business that was created for expanding an original business, but opening it in a new location, and where you are required to sell goods and services a certain way. 

• LLC

• Non-Profit

• Franchise

In order to have a franchise, you must have a contract.

• True

• False

The cost associated with the Small Business Administration Learning Center courses

• Free

• $50/course

• $200/year subscription

What does SBA stand for?

One advantage of the SBA is that they provide loans and grants to small business owners.

• True

• False