Economics Ch 7

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general partnership

when speaking of a partnership, one is usually referring to a

four advantages of the partnership form of business ownership

Greater management skills, greater retention of competent employees, greater sources of financing, ease of formation and freedom to change

Both involve pledging to undertake another's debt should something happen

In what way is being a general partner in a business the same as being a surety

public

a corporation that is owned by the public and managed by the government is called a ___ corporation

limited partnership

at least one general partner, with unlimited financial and one partner

proverbs

bible book that gives financial advice

subchapter or subcorporation

businesses with less than 35 shareholders can incorporate as a

death, withdrawl, bankruptcy, failure to carry out a responsibility

human problems

sole proprietorship

if the owner dies the business dies as well

retain competent employees

many law and accounting firms that use partnerships

sole proprietorship

most american business firms are of this type

stockholders, board of directors, president, senior vice president

most correctly follows the corporate organizational structure

sole proprietorship

most popular business model

unlimited financial stability

not an advantage of the sole proprietorship form of business ownership

public corporations

owned by general public and managed by the government

private corporation

owned by private citizens

partnership

owners own shares of the business

false

partnerships always require a written contract

75

percent of america's businesses are sole proprietorships

greater financial resources

primary advantage of partnership over proprietorship

limited personal financial stability of stockholders

primary advantage of the corporate form of business ownership

total personal financial liability for each partner

probably the greatest disadvantage of a partnership

personal financial liability

sole proprietor is responsible to pay all obligations of the firm, even if it requires him to use his own funds

sole proprietorship

the owner is totally liable for the debts of the firm

sole proprietorship

there is only one owner

partnership

this type claims the fewest number of american business firms

high tax rate on corporate earnings, personal income tax on dividends

two main tax disadvantages of corporations

General Partnership

two or more owners

immortality and individuality

two qualities of a corporation

partnerships, unequal yoking

type of business bible most warns against

corporation

type of business most open to governmental regulation

partnership

type of business that can obtain lower interest loans

sole proprietorship

type of business that gives you most freedom

sole proprietorship

type of business with the shortest life span

20 to 30 percent

what percent of new businesses fail in their first year

general partnership agreement

who are partners? what is each partner responsible for? how are the profits to be divided?

you own 1/4 of company

you have 70,000 shares, 280,000 shares overall


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