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To avoid disagreements on the division of profits, partnerships should have ___________.

To avoid disagreements on the division of profits, partnerships should have ___________. Partnership Agreement. The most important written document that describes a business, its goals, and how to achieve them is called ____________. A Business Plan.

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To avoid disagreements on the division of profits, partnerships should have ___________.

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  1. To avoid disagreements on the division of profits, partnerships should have ___________. Partnership Agreement

  2. The most important written document that describes a business, its goals, and how to achieve them is called ____________. A Business Plan

  3. Ownership of a corporation is divided into parts called ________. Shares

  4. Name at least one of the basic rights of stockholders. Transfer Ownership Vote for Members of the Board Receive Dividends

  5. Name 3 characteristics of an intrapreneur’s job. Funds and freedom to create a special unit Freedom to run their operation Freedom on how to manage

  6. What would be the simplest ownership of a person wanting to be the sole owner of a new business? Proprietorship

  7. Name the 3 types of business ownerships. Sole Proprietorship Partnership Corporation

  8. Name the 3 basic features for the structure of a corporation Stockholders Directors Officers

  9. Definition:An employee who is given funds and freedom to create a special unit or department with a company in order to develop a new product, process or service. Intrapreneur

  10. Definition:A partnership in which each partner’s liability is limited to his or her investment in the partnership. Limited Liability Partnership

  11. Definition:Owners of a corporation. Stockholders

  12. Definition:Special type of corporation allowed by states that is taxed as if it were a sole proprietorship or partnership. Limited Liability Company

  13. Definition:Corporation that offers its shares of stock for public sale. Open Corporation

  14. Definition:Business owned and managed by one person. Proprietor

  15. Definition:Ruling body of a corporation. Board of Directors

  16. Definition:Business owned by two or more people. Partnership

  17. Definition:Corporation that does not offer its shares of stock for public sale. Close Corporation

  18. Definition:Organization that does not pay taxes and does not exist to make a profit. Nonprofit Corporation

  19. Definition:Official document through which a state grants the power to operate as a corporation. Charter

  20. Definition:When each partner is personally liable for all the debts incurred by the partnership. Unlimited Financial Liability

  21. Calculate profit/loss in proportion to investmentJan invested $40,000 and Tina invested $20,000.Last year’s profit was $12,500.(Be able to show all work) Jan $40,000 + $20,000 = $60,000 $40,000/$60,000 = .67 .67 x $12,500 = $8,375 Tina $40,000 + $20,000 = $60,000 $20,000/$60,000 = .33 .33 x $12,500 = $4,125

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