| A | B |
|---|
| The owner of a sole proprietorship is the only one who receives | profits |
| Partners that all have unlimited personal liability and take full responsibility for the management of the business are | general partners |
| The principal disadvantage of a sole proprietorship is | financial |
| One major type of corporation is a | Subchapter S |
| A partner whose liability is limited to his or her investment is called a | limited partner |
| The easiest and most popular form of business to create is the | sole proprietorship |
| Which type of corporate form is expensive to set up? | C-corporation |
| The law requires that all partnerships have at least one | general partner |
| The major threat that partnerships face is ____________________. | personality conflicts |
| The value of a(n) ____________________ is divided into equal units called shares of stock. | corporation |
| A(n) ____________________ is a sole proprietorship with more than one owner. | partnership |
| Many entrepreneurs are running nonprofit businesses that benefit their ____________________. | communities |
| In a sole proprietorship, the owner is ____________________ for all debts and actions of the business. | liable |
| The ____________________ protects the entrepreneur against being sued personally for actions and debts of the corporation and is the most common corporate form. | C-corporation |
| A(n) ____________________ provides the pass-through tax advantages of a partnership. | LLC |
| The least regulated, easiest, and most inexpensive form of ownership to set up is a(n) ____________________. | sole proprietorship |
| owned and operated by one person | sole proprietorship |
| insurance | liability protection |
| a company structure that protects the owners with the limited liability of a corporation | limited liability company |
| a business that is registered by a state | corporation |
| partners in a business whose liability is limited to their investment | limited partners |
| a corporation taxed like a sole proprietorship or partnership | Subchapter S |
| corporations that make money for reasons other than the owners' profit | nonprofit |
| an unincorporated business with two or more partners | partnership |
