Term
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Definition
| one person owns and operates the business |
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Term
| Unique Characteristics of a Sole Proprietorship |
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Definition
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Term
| Advantages of a Sole Proprietorship |
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Definition
| Not a lot of money to start; Total Control; Easy to form; Recieve all profits; Personal Satisfaction |
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Term
| Disadvantages of a Sole Proprietorship |
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Definition
| Short Longevity;Unlimited Liability; Limited Gross |
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Term
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Definition
| two or more people owns and operates the business |
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Term
| Unique Characteristics of a Partnership |
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Definition
| General and Limited Partnership, Fewest in # |
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Term
| Advantages of a Partnership |
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Definition
| Not a lot of money to start; Shared Control; Easy to form; Recieve half of profits; Personal Satisfaction |
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Term
| Disadvantages of a Partnership |
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Definition
| Risky Business, Limited Life, Shared Profits; Dangers of Racism |
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Term
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Definition
| Owned by stock holders and treated by law as an individual. |
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Term
| Unique Characteristics of a Corporation |
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Definition
| Earns Greatest % of Sales, Publicly owned or closed |
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Term
| Advantages of a Corporatioin |
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Definition
| Easy to raise capital; Limited Liaility; unlimited life; Capital Gains or dividend pay; Specialization |
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Term
| Disadvantages of a Corporation |
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Definition
| Profits taxed twice by Barack Obama; Lack of personal Satisfaction because of Barack Obama; Slow DEcision Making; Complex to set up |
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