Studies have indicated that partnerships are four times more likely to succeed than

The form of partnership that limits liability to the limited partner’s own acts or those of thepeople they supervise is a:limited liability partnershipLLLCsdo gave to submit articles of organization and an operating agreement, but do not have to;keep minutes, file written resolutions, or hold annual meetingsA unique government creation that looks like a corporation but is taxed like a sole proprietorshipor partnership is called anS corporation.Therankin which members of a corporations are chosen in order toseparate ownership frommanagement; Owners/stockholders, board of directors, managers, employeesIf you are your own boss, you are responsible for paying your own wages/salary and for yourownfringe benefitsAn advantage of asole proprietorshipis independent decision making.Among the advantages offarm cooperativesfor their members is that they: increase economicpower, and do not pay taxes as corporations doWhen there is one or more general partners and one or more limited partners, the firm is a:limited partnershipIf a software company and a snack food company merged it would be called aconglomeratemergerThe term of the business being dependent on the life of the business owner is referred to as:limited life spanSome disadvantages of asole proprietorshipare; limited financial resources, unlimited liability,and large time commitmentAcorporationis defined as: a chartered legal entity with authority to act apart from its ownersAmong the reasons that disagreements can ruin a partnership are:arguing over profits,disagreement over workload, opposing management styles
Chapter 5Of the various forms of business ownership, a __________ is an easy way for two individuals to conductbusiness.