Miscellaneous Quiz / Forms of Business Entities

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Can you name the Forms of Business Entities

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AdvantagesForms of Business EntitiesDisadvantages
No double taxation
Potential limited liability of the founders of and investors in the corporation. Could have a perpetual existence. Shareholder flexibility.Certain degree of individual control is necessarily lost by incorporation. Profits are subject to be taxed twice.
Business in which two or more people work and profits, andhas an inherently greater opportunity for business credit.Potential conflict between partners. Each partner is subject to unlimited personal liability for the debts of the partnership. Potential personal legal liability for the negligence of another partner.
Simple, least regulated organization owner has total control over business, with little required to start up.All personal and business assets of the sole owner are at risk. Potential difficulty obtaining business loans.
Taxed as a partnership, limited risk and no personal liability, relatively flexible management structure, and more flexibility with profits and losses.

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