business ch,7

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eriffire56
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192868
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business ch,7
Updated:
2013-01-14 21:44:19
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ch.7
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  1. Sole proprietorship
    Is a business that is owned and operated by one person.
  2.  Liability protection
     insurance
  3.  unlimited liability
     for responsibility for all debts and actions of the business.
  4.  Partnership
     and unincorporated business with two or more owners.
  5.  General partner
     a participant in a partnership who has unlimited personal liability and takes full responsibility for managing the business.
  6.  limited partner
     a partner's liability is limited to his or her investment. 
  7. Corporation
     a business that is registered by a state and operates apart from its owners.
  8.  C – Corporation 
     is an entity that pays taxes on earnings. 
  9.  Shareholders 
     are owners of the corporation
  10.  limited liability
     where you are only liable up to the amount of your individual investment
  11.  subchapter S corporation
     a corporation that is taxed like a partnership
  12.  nonprofit corporation
     a legal entity that makes money for reasons other than the owner's profit
  13.  limited liability company (LLC)
     a company whose owners and managers enjoy limited liability and some tax benefits. 

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