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Q 1/53
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A business firm that has one owner - Most popular form of business ownership in the U.S. - gives the owner the most freedom of any type of business
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Sole Proprietorship
Q 2/53
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Freedom to enter and exit the market easily
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Advantages of Sole Proprietorship
53 questions
Q.
A business firm that has one owner - Most popular form of business ownership in the U.S. - gives the owner the most freedom of any type of business
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Freedom to enter and exit the market easily
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Unlimited personal financial liability
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The lender of a loan - someone to whom a debt is owed
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A business enterprise with two or more persons as the owners
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Greater management skills
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Unlimited personal financial liability (both partners)
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A contract between business partners outlining - not required by law, but recommended by attorneys
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A partnership where there is at least one general partner and at least one limited partner. The general partner has unlimited personal liability. The limited partner invests money in the partnership and shares in the profits, but has no management responsibilities and makes no business decisions.
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The act of becoming security for or pledging to undertake another's debt
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Corporations that private citizens own i.e. Coca Cola
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Corporations owned by the general public and managed by the government i.e. Amtrak
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Pieces of a company that can be bought; partial ownership in a company
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-*Limited personal financial liability
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-Higher taxes & double taxation of earnings
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A form of business organization that combines the benefits of a corporation with those of a partnership. The owners of an LLC are not liable for the acts and debts of the LLC and owners avoid the double taxation of company earnings
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sole proprietorships, partnerships and corporations, and the most common in the US is sole proprietorships
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To treat others as you would want others to treat you. "To love him with all your heart, with all your understanding and with all your strength, and to love your neighbor as yourself is more important than all burnt offerings and sacrifices." Mark 12:33
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Limited financial liability of corporate ownership is its primary advantage.
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The LLC combines the benefits of a corporation with those of a partnership
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book of the Bible that gives much advice on personal financial practices
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greater financial resources - banks are more likely to lend money - risk is spread out between 2 parties
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Chief Executive Officer - president of a corporation
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someone who agrees to pay back a loan if the original borrower cannot
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the amount of new businesses that fail within their first year
