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13 Cards in this Set
- Front
- Back
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sole proprietorship
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a business that is owned and operated by one person.
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liability protection
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insurance against debt and actions of a business
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unlimited liability |
full responsibility for all debts and actions of a business
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partnership
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an unincorporated business with two or more owners who share the decisions, assets, liabilities, and profits
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general partner
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a participant in a partnership who has unlimited personal liability and takes full responsibility for managing the business
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limited partner
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a partner in a business whose liability is limited to his or her investment
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corporation
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a business that is registered by a state that operates apart from its owners
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C-corporation |
is an entity that pays taxes on earnings
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shareholders
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an owner of shares of stock in a corporation
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limited liability
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partial responsibility of a corporate shareholder he or she is only responsible only up to he amount of the individual investment
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subchapter S corporation
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corporation that is taxed like a partnership;
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nonprofit corporation
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a legal entity that makes money for reasons other than the owners profit
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limited liability company (LLC)
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a company whose owners and managers have limited liability and some tax benefits, but avoids some restrictions associated with (LCC)
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