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Corp., Inc, Co.

Partner Up

Me, Myself & I

Potpourri Grab Bag

Know That Term

What does it mean to What does it mean to incorporate a business?incorporate a business?

1010

To form a Corporation

10 Corp., Inc, Co.

The form of business organization that The form of business organization that accounts for 82% of all sales revenue in accounts for 82% of all sales revenue in

the USthe US

2020

Corporations

20 Corp., Inc, Co.

A business that is owned by A business that is owned by members of the family and a few members of the family and a few close friends, that do not trade close friends, that do not trade

public stockpublic stock

3030

Closed Corporation

30 Corp., Inc, Co.

What state must a business incorporate What state must a business incorporate in?in?

4040

Any it chooses

40 Corp., Inc, Co.

Who elects the board of Who elects the board of directors?directors?

5050

Stockholders

50 Corp., Inc, Co.

True or False: As a True or False: As a partnership, you will be able partnership, you will be able to get more capital and credit to get more capital and credit to start a business than a sole to start a business than a sole

proprietorship.proprietorship.

1010

True

10 Partner Up

If your partner enters into a If your partner enters into a contract without your consent, contract without your consent,

who is legally responsible for the who is legally responsible for the contract?contract?

2020

You and your partner

20 Partner Up

In which type of partnership is In which type of partnership is the liability of a partner the liability of a partner

limited to the amount of the limited to the amount of the partner’s investment?partner’s investment?

3030

Limited partnership

30 Partner Up

List two disadvantages of partnerships?List two disadvantages of partnerships?

4040

Unlimited liability, disagreement among partners, bound by

contracts of others

40 Partner Up

True or False: Partners in a True or False: Partners in a Partnerships are taxed the same way as Partnerships are taxed the same way as

a sole proprietorsa sole proprietors

5050

True

50 Partner Up

Which form of business is the easiest to Which form of business is the easiest to start?start?

1010

Sole Proprietorship

10 Me, Myself & I

True or False: As long a I remain the True or False: As long a I remain the only owner, I may delegate some of the only owner, I may delegate some of the decision making to managers and still decision making to managers and still be considered a Sole Proprietorship.be considered a Sole Proprietorship.

2020

True

20 Me, Myself & I

True or False:True or False:

Businesses owned by one person usually Businesses owned by one person usually have enough funds for emergency have enough funds for emergency

situations.situations.

3030

False

30 Me, Myself & I

List the advantages of List the advantages of proprietorshipsproprietorships

4040

Flexibility, Retain all

profits, Limited red tap, Ease of start-up/close

40 Me, Myself & I

List the disadvantages to a List the disadvantages to a proprietorship. proprietorship.

5050

Must have all skills and abilities, lack funds, bears all losses, illness or death may close the business

50 Me, Myself & I

What was the score of the Giants game What was the score of the Giants game on Sunday night?on Sunday night?

1010

31 to 28 Cowboys

10 Potpourri

John Lennon, Ringo Star, Paul McCartney, George Harrison

Name three of the four members to the Name three of the four members to the beatles. beatles.

2020

20 Potpourri

Jack Sparrow

What is the name of Johnny Depp’s What is the name of Johnny Depp’s character in “Pirates of the character in “Pirates of the

Caribbean”?Caribbean”?

3030

30 Potpourri

13

What is the square root of 169?What is the square root of 169?

4040

40 Potpourri

Name all 9 of Santa’s reindeer. Name all 9 of Santa’s reindeer.

5050

Dasher, Dancer, Prancer, Vixen, Comet, Cupid,

Donner, Blitzen, Rudolf

50 Potpourri

True or False:True or False:

One advantage of owning stock is One advantage of owning stock is the ease to transfer ownershipthe ease to transfer ownership

1010

True

10 Know That Term

When the owner is responsible for all When the owner is responsible for all business debts. This occurs in both business debts. This occurs in both proprietorships and partnerships.proprietorships and partnerships.

2020

Unlimited Liability

20 Know That Term

This makes up about 72% of all This makes up about 72% of all businessesbusinesses

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Sole proprietorships

30 Know That Term

As a stockholder, if you can not attend a As a stockholder, if you can not attend a meeting, you may decide to register your meeting, you may decide to register your

votes byvotes by

4040

Proxy

40 Know That Term

Experts believe this is likely to become Experts believe this is likely to become one of the most popular types of one of the most popular types of business organizations.business organizations.

5050

Limited-Liability

Corporation (LLC)

50 Know That Term

True or False: A banker or lender is True or False: A banker or lender is more likely to make sizable loans to a more likely to make sizable loans to a sole proprietor than to a partnership.sole proprietor than to a partnership.

1010

False

10 Grab Bag

List the three most common forms of List the three most common forms of business ownershipbusiness ownership

2020

CorporationsCorporationsPartnershipsPartnerships

Sole ProprietorshipsSole Proprietorships

20 Grab Bag

Who appoints corporate officers?Who appoints corporate officers?

3030

The Board of Directors The Board of Directors

30 Grab Bag

A voluntary associate of two or more A voluntary associate of two or more people acting as co-ownerspeople acting as co-owners

4040

Partnership

40 Grab Bag

True or False: The weakness of one True or False: The weakness of one partner may be offset by another partner may be offset by another

partner’s strength.partner’s strength.

5050

TrueTrue50 Grab Bag