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17 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Types of business organizations |
Sole proprietorship Partnerships Corporations Limited liability options |
4 |
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Types of corporations |
Public companies Private corporations Limited liability corporations |
3 |
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Limited liability options |
Limited liability partnerships Limited liability corporations Professional corporations |
3 |
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Who owns the business? (SP) |
Manager |
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Who owns the business? (P) |
Partners |
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Who owns the business? (C) |
Stockholders |
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Are managers and owners separate? (SP) |
No |
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Are managers and owners separate? (P) |
No |
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Are managers and owners separate? (C) |
Usually |
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Owner's liability? (SP) |
Unlimited |
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Owner's liability? (P) |
Unlimited |
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Owner's liability? (C) |
Limited |
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Are the owner and business taxed separately? (SP) |
No |
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Are the owner and business taxed separately? (P) |
No |
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Are the owner and business taxed separately? (C) |
Yes |
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Sole proprietorship and partnership |
Unlimited liability Personal tax on profits |
2 |
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Corporations |
Limited liability Corporate tax on profits Personal tax on dividends |
3 |
