A form of business ownership in which the business is owned and run by one person.
Question 2
2.
A _____________ is owned by one or more shareholders and managed by a board of directors.
Question 3
3.
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.
Question 4
4.
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.
Question 5
5.
A(n) ________________ is a written contract granting permission to operate a business to sell products and services in a set way.
Question 6
6.
These type of entities typically work in areas such as education, health care, charity, or the arts.
Question 7
7.
Partnerships are free from income taxes.
Question 8
8.
Sole proprietorships provide tax advantages for the owner.
Question 9
9.
The company or person purchasing the rights to run the business is the franchiser.
Question 10
10.
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.