Types of Businesses Flashcards
1
Q
What is a Sole Proprietorship?
A
a business owned and managed by a single person
2
Q
What is a partnership?
A
When two or more individuals run a business
3
Q
What is a corporation?
A
A business operation that declares the business as a separate, legal entity guided by a group of officers of a board
4
Q
What is a franchise?
A
private entrepreneurs purchase the rights to open and run a location of a larger company
5
Q
What is a cooperative?
A
business or organization used for the benefit of those using it
6
Q
What is a Non-Profit Organization?
A
A business entity that is granted tax exempt by the IRS
