Business 101

Select reasons why management difficulties are considered a disadvantage of sole proprietorship. Check all that apply A: It is difficult for partners to separate into a sole proprietorship due to strict contracts B One person is responsible to keep track of inventory, account operation and tax records C It is hard to attract employees to help run the business due to competition with larger companies offering better benefits D People good at one skill like selling may not be good at another like managing.

B One person is responsible to keep track of inventory, account operation and tax records C It is hard to attract employees to help run the business due to competition with larger companies offering better benefits D People good at one skill like selling may not be good at another like managing.

The result of two firms joining to form one is called an: Partnership Merger LLC Acquisition

B: merger

The three major forms of business are: A: Sole, Proprietorship,non-profit,franchise B: partnership, franchise,corporation C: Non-profit, franchise, partnership D: Sole proprietorship, partnership and corporation.

D: Sole proprietorship, partnership and corporation.

A major disadvantage of the corporate from deals with the tax situation called ____ taxation.

Double

What are some of the disadvantages of an LLC? Select all that apply A Self-Employment taxes B Choice of taxation C More paperwork than sole proprietors D Unlimited liability

A Self-Employment taxes C More paperwork than sole proprietors

Funds available to a businesses are limited to what one owner can gather which is a disadvantage to the form of business knows as ____ _____

Sole proprietorship

Termination of a partnership is difficult without a(n) ______ Agreement. A Partnership B Corporate C Tax D Employment

A Partnership

A(n) _____ is a charted legal Entity with authority to act and have liability separate from its owners.

Corporation