Business Types

A business owned by only one person is a:

• Sole Proprietorship

• Partnership

• Corporation

A business owned by stockholders is a:

• Sole Proprietorship

• Corporation

• Partnership

A business owned by two or more people is a:

• Sole Proprietorship

• Corporation

• Partnership

One advantage of a corporation is 

• Limited liability

• Full decision making authority

• Full control over revenue

One disadvantage of a corporation is

• Full control over revenue

• Unlimited liability

• Increased government control

One advantage of a Sole Proprietorship is

• Limited liability

• Full decision making authority

• Partners may combine managerial skills

One disadvantage of a Sole Proprietorship is

• Shared profits

• Total decision making authority

• Personal assets are at risk

One advantage of a partnership is

• Partners may combine managerial skills

• Full decision making authority

• Limited liability

One disadvantage of a partnership is

• Personal assets are at risk

• Possible conflicts between partners

• Increased government control

A freelance photographer is an example of what type of business?

• Sole Proprietorship

• Partnership

• Corporation