Matching Pairs Types of OwnershipOnline version Match the types of ownership by Luciana Vallejos 1 Product trade name franchise 2 Multi-level marketing 3 "C" Corporation 4 Limited Liability Company (LLC) 5 Limited Liability Partnership (LLP) 6 Licensing 7 Close/Private Corporation 8 General Partnership 9 Joint venture 10 Limited partnership 11 Business format franchise 12 Nonprofit 13 Piggyback franchise 14 "S" Corporation 15 Sole Proprietorship Generally, the purpose of the organization is to help society, and income is used to fund programs and cover operational expenses Each partner has unlimited liability. Business debts can be paid by taking some or all of each partner’s personal assets Also known as strategic alliances. Occur when two or more businesses enter into a relationship by combining complementary resources, such as technology, skills, capital, or distribution channels, for the benefit of all parties Businesses that pay commissions on sales to people. The sales representatives (distributors) usually work independently of the company, not only selling products, but trying to get others to sell them as well. The representatives receive payouts from the sales of the people under them Refers to an owner’s authorization or permission for another entity to use trademarked, cop-yrighted, or patented material for a specific activity, during a specific time period, for the profit of both parties This is a form of ownership in which a retail franchise operates within the facili-ties of another store, often referred to as the host. For example, a Walmart might host a McDonald’s or Subway franchise This is an independent sales relationship between a supplier (franchisor) and a dealer (franchisee) to stock and sell a specific or exclusive line of products. The name of the business is chosen by the franchisee Also known as a public corporation, can sell millions of shares of stock to the general public. There may be unlimited stockholders in just one company. They are subject to more government regulation and taxation Corporation that does not offer shares for sale to the general public, meaning that it might have just a few shareholders. A hybrid structure where members enjoy the advantages of corporations and sole partnerships. Personal assets cannot be taken to pay the partnership’s debts. This form of ownership protects innocent partners from the malpractice of other partners Is a private corporation with special benefits designed to help small businesses. By taxing the corporation as if it were a partnership, this corporation avoids dual taxation. The company must have 100 or fewer shareholders and adhere to a number of other government policies A hybrid structure. Members determine how the company is managed and how the profits are shared. Personal assets cannot be taken to pay the company’s debts. They should develop detailed agreements specifying each member’s role in the company. Type of partnership that permits a partner to invest money in a business but have limited liability. For example, the amount of financial responsibility could be limited to the amount the partner invested This franchise arrangement is usually available to anyone who has the capital to invest. Franchises are often limited to offering specific goods and services, using certain vendors, operating at certain hours, and presenting certain appearances Is a business owned by one person. The owner assumes all the profits and risks from the business. They experience unlimited liability. This means that any debts that the business owner owes can be collected from his/her personal assets or belongings.
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