What are the three types of business ownership quizlet?
One or more persons may own a business.
Businesses are classified according to who owns them and the specific way they are organized.
Three types of ownership structures are (1) sole proprietorship, (2) partnership, and (3) corporation..
What are two advantages of the corporate form of business quizlet?
Some advantages include: limited liability, ease of transferability, ability to raise capital, and unlimited life.
Corporations [LO3] What is the primary disadvantage of the corporate form of organization?.
What are two reasons that franchises are attractive to minority populations?
Franchises are attractive to minority population because: They provide personal ownership of a business.
Some offer financial support to aspiring business owners..
What was the purpose of the English Bill of Rights quizlet?
Main Purpose: The English Bill of Rights expanded the rights of the Parliament and the people and limited the rights of the king.
The English Bill of Rights created free elections, the right to bear arms, petition the government and a fair trial..
Which of the following is a purpose of the law?
There are many purposes served by the law.
Out of these, the main four are maintaining order, establishing standards, protecting liberties, and resolving disputes..
- Advantages of incorporating a business include: Limited liability, ability to raise more money for investment, size, perpetual life, ease of ownership change, ease of attracting talented employees, separation of ownership from management.
- Businesses are classified according to who owns them and the specific way they are organized.
Three types of ownership structures are (1) sole proprietorship, (2) partnership, and (3) corporation. - Personal assets are most at risk with a sole proprietorship – there is no separation between the owner and the company.
A partnership may offer some protection, but usually all partners are sued jointly and severally unless one partner can lay blame on another due to negligence.
