sole proprietorship
Form of business where the owner is the only one responsible for the business
liability
Money owed to others
unlimited liability
The debts incurred by a firm may have to be paid from the owner's personal assets
partnershp
Form of business where more than one person shares the business's decisions and outcomes
general partners
Partners who share unlimited personal liability and take full responsibility for the management of the business
limited partners
Partners whose liability is limited to their investment
corporation
A business that is chartered, or registered, by a state, and legally operates apart from its owner or owners
C-corporation
A form of corporation which protects the entrepreneur from being sued personaly for actions and debts of the corporation
Subchapter S corporation
Form of corporation which is taxed like a sole proprietorship or partnership
limited liability
A form of business ownership in which hte owners are liable only up to the amount of their individual investments
nonprofit corporation
Legal entities that make money for reasons other than the owners' profit
Limited Liability Company
Form of business organization with limited liability and pass-through tax advantages