Share Business Structures Review
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A sole proprietorship is owned and operated by ________ person.
one
In a partnership, the ________ share profits, responsibilities, and liabilities.
owners
An LLC provides ________ liability protection to its owners.
personal
Nonprofits focus on a ________ rather than earning profits.
mission
Taxes for LLCs can be filed as a sole proprietorship, partnership, or ________.
corporation
Sole proprietorships and partnerships are taxed using ________ taxation.
pass-through
Profits in a corporation are taxed twice: once at the corporate level and again as ________.
dividends
Liabilities in business refer to ________ or legal obligations owed by the company.
debts
Limited liability means that an owner’s ________ assets are protected from business debts.
personal
A public corporation raises money by selling ________ to the public.
shares
Nonprofits are often eligible for grants and ________ to help fund their operations.
donations
A major drawback of a partnership is ________ liability for debts.
joint
An advantage of pass-through taxation is that profits are taxed only once at the __________ level.
personal
A franchise provides a proven ________ model and brand recognition to new business owners.
business
A private corporation is owned by a small group of individuals and does not sell shares ________.
publicly
Retained earnings in a corporation can be ________ back into the business before being taxed.
reinvested
