This bingo card has 25 words: “As defined by the Supreme Court, it is an “artificial being, invisible, intangible, and existing only in contemplation of the law.”, It is a type of business owned by someone who assumes all the profit and risks., A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests., unlimited amount of members, “Private/Closed Corporation, C Corporation, S Corporation, and Nonprofit Organization”, Sole Proprietorship which makes up 70% of businesses across the US., Existence of an agreement, sharing of profits and losses, membership, existence of business, agency relationship., Limited Liablility Company, “Walmart, Target, Amazon, and Apple Inc.”, They can be found in small, local, and/or home based businesses., A good partner is respectful of and sensitive to the other, having uniquely individual goals and priorities., “ a document that outlines/lists all the things that goes on within the LLC(who is in charge of what, liabilities)”, “A Board of Directors.”, A lemonade stand., General partnership, limited partnership, joint venture, limited liability., Limited Liability Partnership, “Runs independently of its owners but it is treated as a person with legal rights, duties, and powers.”, A sole proprietorship has the least amount of government interference due to the fact that they are small ->, Active/Managing Partner, Partner in Profits only, minor partner, secret partner, Partner by Estoppel., FALSE, “Merger, Consolidation, Expansion.”, They tend to have unlimited debt, meaning that the person that owns the business can have their debts be collected from personal assets. They also do not need, Two or more partners, ownership & control, mutual trust & confidence, & contract or agreement., “If the company or any of the partnership fails, the members can’t go for any of the creators personal assets.” and Free!.
Econ Bingo | forms of business owership | Chapter 8 | Disadvantages of Partnerships | Chapter 8
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