Business Structures Review | Baamboozle - Baamboozle

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One challenge for partnerships is resolving ________ among partners.

disagreements

A major drawback of a partnership is ________ liability for debts.

joint

Nonprofits focus on a ________ rather than earning profits.

mission

In a public corporation, shareholders have ________ liability, meaning they are only responsible for their investment.

limited

A sole proprietorship is often chosen because it is ________ to set up and manage.

simple

Limited liability means that an owner’s ________ assets are protected from business debts.

personal

Franchisees must pay ongoing ________ and royalties to the franchisor.

fees

Profits in a corporation are taxed twice: once at the corporate level and again as ________.

dividends

A franchise provides a proven ________ model and brand recognition to new business owners.

business

An LLC provides ________ liability protection to its owners.

personal

An advantage of pass-through taxation is that profits are taxed only once at the __________ level.

personal

A nonprofit organization must reinvest all ________ into its mission and cannot distribute profits to owners.

revenue

A benefit of forming an LLC is ________ flexibility, which allows owners to choose how they are taxed.

tax

Retained earnings in a corporation can be ________ back into the business before being taxed.

reinvested

In a partnership, the ________ share profits, responsibilities, and liabilities.

owners

A public corporation raises money by selling ________ to the public.

shares

A private corporation is owned by a small group of individuals and does not sell shares ________.

publicly

Franchisees must choose a legal structure such as an LLC or ________ to operate the franchise.

corporation

Taxes for LLCs can be filed as a sole proprietorship, partnership, or ________.

corporation

Private corporations retain more ________ compared to public corporations because shares are not sold publicly.

privacy

Nonprofits are often eligible for grants and ________ to help fund their operations.

donations

The choice of a business structure impacts taxes, liability, and ________ potential.

growth

Liabilities in business refer to ________ or legal obligations owed by the company.

debts

Nonprofits are exempt from many ________ because of their focus on public service.

taxes

Double taxation occurs in ________ when profits are taxed at both corporate and personal levels.

corporations

Sole proprietorships and partnerships are taxed using ________ taxation.

pass-through

Liabilities can include legal obligations such as fines, debts, or ________.

restrictions

Limited Liability Companies combine features of corporations and ________.

partnerships

A sole proprietorship is owned and operated by ________ person.

one

A business pays corporate taxes on its profits and shareholders pay personal taxes on ________.

dividends