Business forms Flashcards
1
Q
Sole proprietorship
A
Owner: provides the money, makes decisions and is financially responsible (liable)
2
Q
Partnership
A
Partners: provide the money, make the decisions and are liable
3
Q
Limited partnership
A
Limited partners give money do not make decisions. They are liable for only their own money.
4
Q
Limited company
A
Shareholders/investors: provide the money, appoint the board of directors. If business fails, investors lose money and company assets are sold
5
Q
Cooperative association
A
Members: provide the money (membership fees etc.), appoint the board of directors. If business fails, company assets are sold
