Chapter 27_ Choice of Business Entity and Sole Proprietorships.docx

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Chapter 27: Choice of Business Entity and Sole ProprietorshipsMost states recognize at least _______ forms of business entities.
The best choice of business entity is driven primarily by the following factors: _______.
Each form of business entity has its attendant advantages, drawbacks, and legal consequences for the owners, known as _______, of the business.
When choosing a business entity, principals should carefully consider the extent of _______ for debts and contracts.
Businesses that are _______ and have a relatively low potential for liability usually do not require the protection and flexibility offered by more complexforms of business entities.
The simplicity of the _______ makes this entity a top choice for start-up businesses with relatively low annual revenues and expenses.
In some states, if Joan Gates does business as "Gates Consulting" she would file for a certificate of _________ with a local or state office.
In the context of business entities, ________ is a generic word for individuals who are entitled to the profits of a business based on their percentage ofownership.
The chief drawback to the _______ as a form of entity is the owner's complete lack of protection for unpaid debts and liabilities of the business.

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Term
Spring
Professor
Jane
Tags
Business Law, Legal entities, Business Entity and Sole Proprietorships

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