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Corp., Inc, Co.
Partner Up
Me, Myself & I
Potpourri Grab Bag
Know That Term
What does it mean to What does it mean to incorporate a business?incorporate a business?
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To form a Corporation
10 Corp., Inc, Co.
The form of business organization that The form of business organization that accounts for 82% of all sales revenue in accounts for 82% of all sales revenue in
the USthe US
2020
Corporations
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A business that is owned by A business that is owned by members of the family and a few members of the family and a few close friends, that do not trade close friends, that do not trade
public stockpublic stock
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Closed Corporation
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What state must a business incorporate What state must a business incorporate in?in?
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Any it chooses
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Who elects the board of Who elects the board of directors?directors?
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Stockholders
50 Corp., Inc, Co.
True or False: As a True or False: As a partnership, you will be able partnership, you will be able to get more capital and credit to get more capital and credit to start a business than a sole to start a business than a sole
proprietorship.proprietorship.
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True
10 Partner Up
If your partner enters into a If your partner enters into a contract without your consent, contract without your consent,
who is legally responsible for the who is legally responsible for the contract?contract?
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You and your partner
20 Partner Up
In which type of partnership is In which type of partnership is the liability of a partner the liability of a partner
limited to the amount of the limited to the amount of the partner’s investment?partner’s investment?
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Limited partnership
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List two disadvantages of partnerships?List two disadvantages of partnerships?
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Unlimited liability, disagreement among partners, bound by
contracts of others
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True or False: Partners in a True or False: Partners in a Partnerships are taxed the same way as Partnerships are taxed the same way as
a sole proprietorsa sole proprietors
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True
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Which form of business is the easiest to Which form of business is the easiest to start?start?
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Sole Proprietorship
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True or False: As long a I remain the True or False: As long a I remain the only owner, I may delegate some of the only owner, I may delegate some of the decision making to managers and still decision making to managers and still be considered a Sole Proprietorship.be considered a Sole Proprietorship.
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True
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True or False:True or False:
Businesses owned by one person usually Businesses owned by one person usually have enough funds for emergency have enough funds for emergency
situations.situations.
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False
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List the advantages of List the advantages of proprietorshipsproprietorships
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Flexibility, Retain all
profits, Limited red tap, Ease of start-up/close
40 Me, Myself & I
List the disadvantages to a List the disadvantages to a proprietorship. proprietorship.
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Must have all skills and abilities, lack funds, bears all losses, illness or death may close the business
50 Me, Myself & I
What was the score of the Giants game What was the score of the Giants game on Sunday night?on Sunday night?
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31 to 28 Cowboys
10 Potpourri
John Lennon, Ringo Star, Paul McCartney, George Harrison
Name three of the four members to the Name three of the four members to the beatles. beatles.
2020
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Jack Sparrow
What is the name of Johnny Depp’s What is the name of Johnny Depp’s character in “Pirates of the character in “Pirates of the
Caribbean”?Caribbean”?
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Name all 9 of Santa’s reindeer. Name all 9 of Santa’s reindeer.
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Dasher, Dancer, Prancer, Vixen, Comet, Cupid,
Donner, Blitzen, Rudolf
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True or False:True or False:
One advantage of owning stock is One advantage of owning stock is the ease to transfer ownershipthe ease to transfer ownership
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True
10 Know That Term
When the owner is responsible for all When the owner is responsible for all business debts. This occurs in both business debts. This occurs in both proprietorships and partnerships.proprietorships and partnerships.
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Unlimited Liability
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This makes up about 72% of all This makes up about 72% of all businessesbusinesses
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Sole proprietorships
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As a stockholder, if you can not attend a As a stockholder, if you can not attend a meeting, you may decide to register your meeting, you may decide to register your
votes byvotes by
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Proxy
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Experts believe this is likely to become Experts believe this is likely to become one of the most popular types of one of the most popular types of business organizations.business organizations.
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Limited-Liability
Corporation (LLC)
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True or False: A banker or lender is True or False: A banker or lender is more likely to make sizable loans to a more likely to make sizable loans to a sole proprietor than to a partnership.sole proprietor than to a partnership.
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False
10 Grab Bag
List the three most common forms of List the three most common forms of business ownershipbusiness ownership
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CorporationsCorporationsPartnershipsPartnerships
Sole ProprietorshipsSole Proprietorships
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Who appoints corporate officers?Who appoints corporate officers?
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The Board of Directors The Board of Directors
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A voluntary associate of two or more A voluntary associate of two or more people acting as co-ownerspeople acting as co-owners
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Partnership
40 Grab Bag