Learning Activity #1: Forms of Business Ownership
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Business Types
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Characteristic | Sole Proprietorship | General Partnership | LLP | LLC | Corporation | Joint Venture | Franchise |
Liability Exposure | Unlimited exposure | Unlimited exposure | Unlimited exposure | Unlimited exposure | Limited exposure | Limited exposure | Limited exposure |
Tax Exposure | Not taxed as an individual entity | No taxes incurred | Taxed | Taxed | Taxed | Taxed | Taxed |
Owners Relationship | One individual owner | At least ten owners | One person owns the business but has several other shareholders | Two or 3 people own the business | Shareholders own the business | Shareholders own the business | Owned by an individual |
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