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Related Flashcards
Related Topics
Cards In This Set
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Sole proprietorship-
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business that is owned and operated by one person
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Liability protection
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Insurance
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Unlimited liability
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Full responsibility for all debts and actions of the business
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Partnership
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Unincorporated business with two or more owners
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General partner
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Person in a business who has unlimited personal liability and takes full repsonsibility for managing the business
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Limited partner
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Partner whose limited liability is limited to his or her investment
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Corporation
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Business that is registered by a state and operates apart from its owners.
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C-corporation
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Entity that pays tax on earnings
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Shareholders
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Owners of the corporation
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Limited liability
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Liable only up to the amount of their 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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Legal entity that makes money for reasons other than the owners' profit
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Limited liability company
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Is a company where the owners and managers have some restricitons associated with subchapter S corporation
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