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| The simplest business type is the ____ _________. In this structure the company is owned by an individual and operates under either the individual's name or company name. |
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Term
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Definition
| With a _____ _______ two or more people share in the management, profits, and risks of the business. Income from the business is taxed as ordinary income on personal tax forms. |
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Term
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Definition
| A variation of the general partnership is the _______ __________. This type of prganization has one or more general partners and other limited partners. |
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| Limited Liability Company and Limited Liability Partnership |
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Definition
| A _______ _______ _____(_ _ _) and a _______ ________ _________ (_ _ _) are two hybrid business organizations that combine the advantages of the corporation and the partnership. |
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