A sole proprietorship has a limited life span unless:
1)it is taken over by an heir
2) it is sold to someone else
A sole proprietorship has a limited life span unless:
1)it is taken over by an heir
2) it is sold to someone else
1)it is taken over by an heir
2) it is sold to someone else
When you own a sole proprietorship you and the business are considered one, so you have ______ liability for financial obligations such as debt.
When you own a sole proprietorship you and the business are considered one, so you have ______ liability for financial obligations such as debt.
Answer: unlimited.
A state-chartered legal entity with authority to act and have liability separate from its owner is a:
A state-chartered legal entity with authority to act and have liability separate from its owner is a:
Answer: corporation
Partnerships are less likely to survive than sole proprietorship.
Partnerships are less likely to survive than sole proprietorship.
Answer: False
When there is one or more general partners and one or more limited partners, the firm is a(n)
When there is one or more general partners and one or more limited partners, the firm is a(n)
Answer: limited partnership
If you are your own boss, you are responsible for paying your own wages/salary and your own____
If you are your own boss, you are responsible for paying your own wages/salary and your own____
Answer: fringe benefits
An advantage of the separation of ownership from management in corporations is that the company can raise money from investors but the investors:
An advantage of the separation of ownership from management in corporations is that the company can raise money from investors but the investors:
Answer: are not involved in daily operations
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