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9 Cards in this Set
- Front
- Back
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Type of economic system in the United States that private businesses have freedom to operate competitively for profit without significant government control also known as capitalism?
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Free Enterprise
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The practice in which one actively participates in a free enterprise economy by starting any new organization or business which implements new innovative ideas through thoughtfully planned ventures.
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Entrepreneurship
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A person who organizes, operates, and assumes the risk for a
business venture. |
Entrepreneur
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Classification of type of business which dose not require any type of formal forms to fill out to start, but requires reporting income on an individuals 1040 Schedule C Income Tax Report.
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Sole Proprietors
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What Classification of business other than a sole proprietor would be considered a separate entity, and often provides a measure of legal and financial protection for its shareholders.
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Corporation
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They are just like corporations, in that they are separate
entities from their shareholders. Unlike corporations, they must have at least one person but not limited to one, who assumes unlimited liability for the business. and they must have at least two shareholders in the organization. |
Partnerships
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This business organization has features similar to a partnership by which they must have at least one but no more than 100 shareholders.Any share holder who provides a service to the business must be paid a reasonable salary separate from payment of distributions of profits and losses.
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S-Corporations
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These are generally formed upon the death of an individual and are designed to provide continuity of the investments and business activities of the deceased individual.
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Trusts
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These types of organizations are corporations formed for a charitable, civic, or artistic purpose are generally exempt from any federal and state taxation on their income. They are often called "exempt organizations."
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Nonprofits
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