Business

This type of business ownership allows the company to operate using someone else's brand name, training program, systems and processes, and operational guidelines, by paying an up-front fee and on-going royalty.

Business Format Franchise

For business owners wanting to maximize their access to capital, they should pursue this form of ownership:

C Corp

This type of business ownership can sell unlimited shares of stock to the general public, which typically makes raising capital easier than for other types of businesses.

C Corp

This type of business ownership sells shares to the general public and reports its financial information to the public.

C Corp

Laws vary from state to state, but many local governments require a DBA to be filed for Sole Proprietorships. What does DBA stand for?

Doing Business As

For business owners wanting to operate as a Corporation, the first step they must do is:

File for a charter in the state where the business is headquartered

What type of business has multiple owners, benefits from individuals combining resources, but whose liability isn't limited to the amount of their investment?

General Partnership

For business owners wanting to minimize their liability, they should pursue this form of ownership:

LLC or S Corp

When the NBA allows Adidas to use its brand name for the purpose of selling merchandise, this is what kind of business structure?

Licensing

A hybrid business structure, where it combines the operational characteristics of a sole proprietorship or partnership, while limiting the liability of the investors, and where the tax liability is passed through directly to each owner, and it can raise money by selling "units" to "members".

Limited Liability Company

This type of business ownership appeals to doctors and lawyers as they all have decision-making power, and limited liability, and they aren't liable for their partners' actions.

Limited Liability Partnership

Examples of hybrid forms of companies include:

Limited Liability Partnership and Limited Liability Company

The type of business ownership where one or more partners have decision-making abilities and unlimited liability, and, where one or more partners have no decision-making abilities and have limited liability.

Limited Partnership

Sarah operates a reputable, legal operation; she makes money by selling make-up and also makes commissions from sales representatives she has hired. This is a form of:

Multi-Level Marketing

The United Way is an example of this type of corporation:

Non-Profit Corporation

This type of business ownership is a retail location that operates within the confines of a larger facility.

Piggyback Franchise

This type of business ownership doesn't sell shares to the general public, and is usually owned by a small group of people, and experiences double taxation.

Private Corporation

This type of business ownership allows the company to choose its own brand name, but allows it to sell branded products from another company.

Product Trade Name Franchise

This type of business ownership sells shares to a limited amount of owners, has limited liability, and avoids double taxation as the tax liability is passed through to the individual owners.

S Corp

What type of business has one owner, is easy to get started, where the owner has complete control, and where the owner is personally and fully responsible (liable) for any debts and any other damages that might be caused by the business.

Sole Proprietorship

An Operating Agreement will include the following:

all the above

What are some factors to consider when selecting a type of business ownership?

all the above

Every business ownership type is unique; therefore, when starting a business, it is important to:

analyze the advantages and disadvantages of each type of business

Advantages of General Partnerships as a form of business ownership include:

combined partner capabilities

Disadvantages of Corporations as a form of business ownership include:

double taxation

Disadvantages of a hybrid form (i.e. LLC, LLP) of business ownership include:

each state has variations in laws around starting and establishing hybrid companies

These items are impacted differently, based on the type of business structure chosen by a business owner:

how the business is taxed and limits of liability

Why are Limited Liability Partnerships (LLPs) appealing to a group of doctors or lawyers?

liability is limited to each doctor/partner, and each doctor/partner isn't liable for the malpractice of any other doctor/partner

Disadvantages of Sole Proprietorships as a form of business ownership include:

limited capital

Advantages of Corporations as a form of business ownership include:

limited liability

When two companies (often competitors) join together to form one business entity, it is called a:

merger

Advantages of Sole Proprietorships as a form of business ownership include:

quick decision making control

If you own part of a C Corp, you are known as a ______________.

stockholder

Advantages of a hybrid form (i.e. LLC, LLP) of business ownership include:

transfer of ownership is generally easy to do