A form of business ownership in which the business is owned and run by one person.
corporation
partnership
joint venture
sole proprietorship
A _____________ is owned by one or more shareholders and managed by a board of directors.
sole proprietorship
partnership
corporation
joint venture
A partnership agreement details the rules and procedures that guide ownership and operations and will typically identify the business name, investments, and other contributions of each partner.
True
False
A(n) ______________________ is a combination of a partnership and a corporation which provides liability protection for the owners with a simpler set of organizing and operating requirements than a corporation.
limited liability corporation
non-profit corporation
franchise
cooperative
A(n) ________________ is a written contract granting permission to operate a business to sell products and services in a set way.
partnership agreement
articles of incorporation
franchise
warranty
These type of entities typically work in areas such as education, health care, charity, or the arts.
non-profit corporations
joint ventures
sole proprietorships
partnerships
Partnerships are free from income taxes.
True
False
Sole proprietorships provide tax advantages for the owner.
True
False
The company or person purchasing the rights to run the business is the franchiser.
True
False
A franchise is a way to expand a business using the investments of others while maintaining control over the name, product quality, and operating procedures.