Business Ownership Types Flashcards
1
Q
Whats the main goal of a business?
A
To provide goods or services to earn a profit.
2
Q
Which type of business is led by one individual?
A
Sole proprietorship.
3
Q
What is a key advantage of forming a corporation?
A
Limited liability for owners.
4
Q
What is one downside of a partnership?
A
Potential for conflict between owners
5
Q
Which type of business combines flexibility with legal protection?
A
LLC (Limited Liability Company)
