Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Understanding Bus5

Chapter 5

QuestionAnswer
Owned and managed by one person Sole proprietorship
Two or more people legally agree to co-own a business partnership
A legal entity with authority to act and have liability apart from its owners corporation
Ease to start and end a business ability to become your own boss pride of ownership tax advantages retention of company profit advantages of sole proprietorships
the responsibility of owners for all of the debts of the business- the risk unlimited liability
unlimited liability limited financial resources overwhelming time commitment limited growth limited life span disadvantages of sole proprietorships
A partnership in which all owners share in operating the business and in assuming liability for business's debts general partnership
a partnership with one or more general partners and one or more limited partners limited partnership
an owner who has unlimited liability and is active in managing the firm general partner
an owner who invests money in the business but does not have any management responsibility or liability for losses beyond their investment limited partner
the responsibility of a business's owners for losses only up to the amount they invest; limited partners and shareholders limited liability
a partnership that looks like a corporation but is taxed like a partnership master limited partnership MLP
a partnership that limits partners' risk of losing their personal assets to only their own acts and omissions and to the acts and omissions of people under their supervision Limited liability partnership LLP
more financial resources shared management more skills and knowledge longer survival tax advantages advantages of a partnership
unlimited liability division of profits disagreements among partners difficulty of termination disadvantages of a partnership
a star charged legal entity with authority to act and have liability separate from its owners Conventional (C) corporation
A unique government creation that looks like a corporation but is taxed like a sole proprietorship or partnership, must meet qualifications S corporation
must have under 100 shareholders must be citizens or residents of the US must have one class of stock no more than 25% of income from passive sources qualifications of S corporations
similar to S corporations but without requirements limited liability companies (LLC)
Limited Liability ability to raise money perpetual life ease of ownership change separation of ownership from management advantages of corporations
initial cost double taxations two tax returns size may become to large to manage difficulty terminating disadvantages of corporations
The result of two firms joining to form one company merger
the joining of two companies involved in different stages of related businesses vertical merger
the joining of two firms in the same industry horizontal merger
the joining of firms in completely unrelated industries conglomerate merger
one company purchases the property and obligations of another company acquisitions
an attempt by employees, management, or a group of investors to buy out the stockholders in a company by borrowing the necessary funds leveraged buyout (LBO)
an arrangement whereby someone with a good idea for a business sells the rights to use the business's name and sell a product or service to others in a given industry franchise agreement
One who sells their idea/product/service franchisor
selling the name or product or service franchise
One who buys an idea /product/service franchisee
management and marketing assistance personal ownership nationally recognized name financial advice and assistance lower failure rates advantages of a franchise
large start up costs shared profit management regulation coattail effects restrictions on selling fraudulent franchisors disadvantages of franchises
a business owned and controlled by the people who use it- producers, consumers, or workers with similar needs who pool their resources for mutual gain cooperatives
Created by: kellyderbes
Popular Business sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards