A sole proprietor is a (blank) who owns and operates a business. Individual
The sole proprietor is the (blank) of a sole proprietorship. Owner
A sole prprietorship can hire employees, but the owner (blank) be an employee. Cannot
Typical examples of sole proprietorships include: Shopkeepers, artists, craftspeople, carpenters, consultants, and writers.
All business debts are the responsibility of the (blank) in a sole proprietorship. The owner
The owner is personally responsible for (blank) actions taken in the name of the business of a sole proprietorship. All
A sole proprietorship is the (blank) regulated of all business forms. Least
All profits are reported on the owner's (blank) tax reform in a sole proprietorship. Personal
Partnership: Typical Size Large firm with many partners
The partnership can hire employees, but (blank) be employees. Owners cannot
A partnership is based on a document called the (blank). Partnership agreement
All business debts are the personal responsibilitiy of (blank) in a partnership. The partners
All profits are taxed as personal income to the (blank) in a partnership. Business debts
Corporation: Typical Size Two stock holders to millions of them
A corporation can hire employees, who (blank) include owners. May
A corporation is a legal person in the eyes of the law and can (blank) property, make money, and be sued just like a(n) (blank). Own, single individual
The corporation owners are (blank) responsible did actions taken in the name of business. Not
A corporation is among the (blank) regulated business forms. Most
All profits are taxed (blank), once as (blank) income and again as (blank) income. Twice, a corporation, investor
Limited Liability Company: Typical Size Small-mid-sized
A limited liability company (LLC) combines some aspects of a (blank) and some aspects of a (blank). Partnership, corporation
All business debts are (blank) the responsibility of the owners (limited liability). Not
An LLC may choose to be taxed as either a(n) (blank) or a(n) (blank) under IRS rules. Partnership, individual
An LLC is governed by (blank) laws. Complex
An LLC can hire employees, who normally (blank) be owners. Can't
Sole Proprietor: Typical Size Very small