The flashcards below were created by user
Is a business that is owned and operated by one person.
for responsibility for all debts and actions of the business.
and unincorporated business with two or more owners.
a participant in a partnership who has unlimited personal liability and takes full responsibility for managing the business.
a partner's liability is limited to his or her investment.
a business that is registered by a state and operates apart from its owners.
C – Corporation
is an entity that pays taxes on earnings.
are owners of the corporation
where you are only liable up to the amount of your individual investment
subchapter S corporation
a corporation that is taxed like a partnership
a legal entity that makes money for reasons other than the owner's profit
limited liability company (LLC)
a company whose owners and managers enjoy limited liability and some tax benefits.