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Business Ethics & Social Responsibility > Advantages and Disadvantages of the Forms of Business Organizations > Flashcards

Advantages and Disadvantages of the Forms of Business Organizations Flashcards

1
Q

(A)Tax Preparation is faster

A

Sole Proprietorship

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2
Q

(A)Lower start-up cost

A

Sole Proprietorship

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3
Q

(A)Handling money is easier

A

Sole Proprietorship

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4
Q

(A)Has the least government rules and regulations that affect them

A

Sole Proprietorship

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5
Q

(A)Can own the business for as long as he/she wants, and to move out, he/she can cash in and sell the business

A

Sole Proprietorship

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6
Q

(A)Can own the business for as long as he/she wants, and to move out, he/she can cash in and sell the business

A

Sole Proprietorship

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7
Q

(A)Can pass the business down to his/her heir

A

Sole Proprietorship

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8
Q

(D)The owner is personally liable for all debts and actions of the enterprise

A

Sole Proprietorship

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9
Q

(D)There is lack of financial control because of looser structure

A

Sole Proprietorship

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10
Q

(D)There could be difficulties in raising capital

A

Sole Proprietorship

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11
Q

(A)Lacks formality compared to a corpoartion = not much rules

A

Partnership

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12
Q

(A) Easy to start

A

Partnership

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13
Q

(A) You share the burden with others

A

Partnership

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14
Q

(A) Every partner has skills that can be utilized in the business

A

Partnership

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15
Q

(A) Two heads are better than one

A

Partnership

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16
Q

(A) There is privacy unlike a corporation

A

Partnership

17
Q

(A) Partners own and control the business

A

Partnership

18
Q

(A) Easy access to funds

A

Partnership

19
Q

(A)More partners = more funds/capital

A

Partnership

20
Q

(D) No independent legal status

A

Partnership

21
Q

(D) Partners are personally liable for the debts

A

Partnership

22
Q

(D) Lacks the sense of prestige

A

Partnership

23
Q

(D) More difficult to raise money unlike a corporation

A

Partnership

24
Q

(D) Decision-making can be slower because there is need of consultation

A

Partnership

25
Q

(D) Potential differences conflict with each other

A

Partnership

26
Q

(A) Liability is limited to the amount of their investments

A

Corporation

27
Q

(A) May sell shares to increase the funds

A

Corporation

28
Q

(A) Easy to sell shares

A

Corporation

29
Q

(A) A corporation’s life has no limit, it can pass generations.

A

Corporation

30
Q

(D) It is subject to Double Taxation

A

Corporation

31
Q

(D) The management team of a corporation can operate the business without any real oversight from the owners

A

Corporation

Business Ethics & Social Responsibility (5 decks)

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