Understand the nature of business.

Understand the nature of business.
Essential Standard 2.00 Understand the nature of business.

Understand the types of business ownership.
Objective 2.01 Understand the types of business ownership.

Types of Business Ownership
Sole Proprietorship Partnership Corporation Cooperative Franchise Which type of ownership is the most common in the United States? Sole proprietorship – 72% Partnership – 20% Corporation – 5% Other – 3% Which type of ownership counts for the most revenue in the United States? Corporation – 85% Partnership – 8% Sole proprietorship – 5% Other – 2%

Which type of ownership is the most common in the United States? Sole proprietorship – 72% Partnership – 20% Corporation – 5% Other – 3%

Which type of ownership counts for the most revenue in the United States? Corporation – 85% Partnership – 8% Sole proprietorship – 5% Other – 2%

Review Sole Proprietorship
Sole Proprietorship – Is a business owned by one person. Unlimited liability – Type of liability that you can lose all of your assets.

Sole Proprietorship How many people own a sole proprietorship? One
Who manages a sole proprietorship? Owner may manage business, or choose to have someone manage for them, and participate in daily operations and decision-making. How are sole proprietorships formed? Easiest form of ownership to start. Varies between states. In North Carolina, register your business name with the appropriate government entity and then get a business license and/or permits.

Sole Proprietorship Who manages a sole proprietorship?
Owner may manage business, or choose to have someone manage for them, and participate in daily operations and decision-making. How many people own a sole proprietorship? One Who manages a sole proprietorship? Owner may manage business, or choose to have someone manage for them, and participate in daily operations and decision-making. How are sole proprietorships formed? Easiest form of ownership to start. Varies between states. In North Carolina, register your business name with the appropriate government entity and then get a business license and/or permits.

Sole Proprietorship How are sole proprietorships formed?
Easiest form of ownership to start. Varies between states. In North Carolina, register your business name with the appropriate government entity and then get a business license and/or permits. How many people own a sole proprietorship? One Who manages a sole proprietorship? Owner may manage business, or choose to have someone manage for them, and participate in daily operations and decision-making. How are sole proprietorships formed? Easiest form of ownership to start. Varies between states. In North Carolina, register your business name with the appropriate government entity and then get a business license and/or permits.

Sole Proprietorship Advantages & Disadvantages
Advantages for Owner Disadvantages for Owner Easy to form Complete control of business Recipient of 100% of the profit One time taxation Limited capital Unlimited liability Limited lifetime

Sole Proprietorship continued
How is a sole proprietorship terminated? Decision or life of owner What are some sources of funding that may be used for investment? Personal, gifts, borrowed, and others may vary What are some local examples? How is a sole proprietorship terminated? Decision or life of owner What are some sources of funding that may be used for investment? Personal, gifts, borrowed, and others may vary What are some local examples? Answers will vary.

Business Quote or Picture
Proprietorship How many owners? Who manages? How is business started? Outside Name Date Period Class Outside Title Business Quote or Picture 2 Advantages 2 Disadvantages Inside Limited or unlimited liability Example How is ownership terminated? Sources of investment 2 Examples-texts, symbols, or pictures

Sole-Partners-Corporate Activity
Directions: Work as a sole proprietor, partnership, or corporation to provide responses to the scenarios in the space provided. Be prepared to present your findings. Sole Proprietorship Scenario Mary Jones operates her own staffing agency. Mary has about 30 steady companies that request her services to send temporary workers for various jobs. She handles all the financial, advertising, operations, and management issues for the agency. Mary used a gift of $10,000 from her grandmother to start the agency. She would like to expand the agency. She uses all her profit to sustain her personal living arrangements. After seven days of constant rain, Mary realized soon after the rainy days that water is leaking from several places of the roof. She is planning to borrow money to have the roof repaired. Complete the table using information from the scenario Type Sole Proprietorship Owner(s) Manager(s) Advantage(s) Disadvantage(s) Source(s) of investment Other information Considering the responses to the above items, what should the business owner do with the business? Why? Type Sole Proprietorship Owner(s) Mary Jones Manager(s) Advantage(s) Mary handles all the financial, advertising, operations, and management issues for the agency. Mary gets to keep all the profits from her business. Disadvantage(s) Unlimited liability for business-the roof needs repairing. Expansion may be difficult if additional funds are needed. Source(s) of investment $10,000 from grandmother Other information Answers will vary Considering the responses to the above items, what should the business owner do with the business? Why?

Partnership How many people are considered for a partnership ownership? Association of two or more people to carry on as co-owners of a business for profit. Who manages a partnership? Determined by partnership agreement. It may be one or more partners, or someone that has been hired to manage the day-to-day operations. How many people are considered for a partnership ownership? Association of two or more people to carry on as co-owners of a business for profit. Who manages a partnership? Determined by partnership agreement. It may be one or more partners, or someone that has been hired to manage the day-to-day operations. How is a partnership formed? With a partnership agreement. Some states only require a verbal agreement but it is better to have a written agreement. Most states also require a business name and the name of each partner be registered. In North Carolina, partners must choose a name for their business, register the business name with the appropriate government entity, sign a partnership agreement, and then get a business license and/or permits.

Partnership How is a partnership formed? With a partnership agreement.
Some states only require a verbal agreement but it is better to have a written agreement. How many people are considered for a partnership ownership? Association of two or more people to carry on as co-owners of a business for profit. Who manages a partnership? Determined by partnership agreement. It may be one or more partners, or someone that has been hired to manage the day-to-day operations. How is a partnership formed? With a partnership agreement. Some states only require a verbal agreement but it is better to have a written agreement. Most states also require a business name and the name of each partner be registered. In North Carolina, partners must choose a name for their business, register the business name with the appropriate government entity, sign a partnership agreement, and then get a business license and/or permits.

Partnership Most states also require a business name and the name of each partner be registered. In North Carolina, partners must choose a name for their business, register the business name with the appropriate government entity, sign a partnership agreement, and then get a business license and/or permits. How many people are considered for a partnership ownership? Association of two or more people to carry on as co-owners of a business for profit. Who manages a partnership? Determined by partnership agreement. It may be one or more partners, or someone that has been hired to manage the day-to-day operations. How is a partnership formed? With a partnership agreement. Some states only require a verbal agreement but it is better to have a written agreement. Most states also require a business name and the name of each partner be registered. In North Carolina, partners must choose a name for their business, register the business name with the appropriate government entity, sign a partnership agreement, and then get a business license and/or permits.

Partnership Advantages & Disadvantages
Advantages for Partners Disadvantages for Partners Easy to form More capital and credit available Work load more evenly shared Losses are also shared Unlimited liability Limited lifetime – if partner leaves or dies Profits are shared Decisions are made jointly Hard to add other partners

Partnership continued
How is a partnership terminated? Partnerships are terminated by actions of the partners, bankruptcy, death, and/or court order. How is a partnership terminated? Partnerships are terminated by actions of the partners, bankruptcy, death, and/or court order. What are some sources of funding that can be used for investment by partners? Personals of partner(s), gifts, borrowed, and others may vary What are some examples? South Railroad Limited Partnership Eden Limited Partnership (Law and accounting firms are usually good examples for local partnerships.)

What are some sources of funding that can be used for investments by partners? Personals of partner(s), gifts, borrowed, and others may vary How is a partnership terminated? Partnerships are terminated by actions of the partners, bankruptcy, death, and/or court order. What are some sources of funding that can be used for investment by partners? Personals of partner(s), gifts, borrowed, and others may vary What are some examples? South Railroad Limited Partnership Eden Limited Partnership (Law and accounting firms are usually good examples for local partnerships.)

What are some examples of partnerships? Can you name some local examples? South Railroad Limited Partnership Eden Limited Partnership (Law and accounting firms are usually good examples for local partnerships.) How is a partnership terminated? Partnerships are terminated by actions of the partners, bankruptcy, death, and/or court order. What are some sources of funding that can be used for investment by partners? Personals of partner(s), gifts, borrowed, and others may vary What are some examples? South Railroad Limited Partnership Eden Limited Partnership (Law and accounting firms are usually good examples for local partnerships.)

Specialized Partnerships
Why would an investor choose a limited liability partnership? If an investor does not want to lose more than the amount of their investment and does not care to be involved in every day operations. Why would an investor choose a limited liability partnership? If an investor does not want to lose more than the amount of their investment and does not care to be involved in every day operations. Why would businesses choose to enter into a joint venture? When the businesses only want to be partners for a limited time and for a specific reason/project. What is meant by the saying “by proof of existence”? This is used for partnerships or joint ventures that don’t have a formal agreement and just conduct business together. In this case, partners may or may not be aware of their formed partnership.

Why would businesses choose to enter into a joint venture? When the businesses only want to be partners for a limited time and for a specific reason/project. Why would an investor choose a limited liability partnership? If an investor does not want to lose more than the amount of their investment and does not care to be involved in every day operations. Why would businesses choose to enter into a joint venture? When the businesses only want to be partners for a limited time and for a specific reason/project. What is meant by the saying “by proof of existence”? This is used for partnerships or joint ventures that don’t have a formal agreement and just conduct business together. In this case, partners may or may not be aware of their formed partnership.

What is meant by the saying “by proof of existence”? This is used for partnerships or joint ventures that don’t have a formal agreement and just conduct business together. In this case, partners may or may not be aware of their formed partnership. Why would an investor choose a limited liability partnership? If an investor does not want to lose more than the amount of their investment and does not care to be involved in every day operations. Why would businesses choose to enter into a joint venture? When the businesses only want to be partners for a limited time and for a specific reason/project. What is meant by the saying “by proof of existence”? This is used for partnerships or joint ventures that don’t have a formal agreement and just conduct business together. In this case, partners may or may not be aware of their formed partnership.

Participation in the Business Relationship to the Public
Types of Partners Type of Partner Participation in the Business Relationship to the Public Degree of Liability General* Active Known Unlimited Dormant Not active Unknown Limited Secret Silent *Every partnership must have at least one general partner. *Every partnership must have at least one general partner.

Name_________________________ Class _________________ Date _________ Types of Business Ownership Brochure Activity Directions: Use available material and supplies to make a brochure of the types of business ownership. Special Types of Ownership Describe the types of specialized partnerships and corporations, including examples Outside Name Date Period Class Title Business Quote or Picture Partnership How many owners? Kinds of partners Who manages? How is business started? 2 Advantages 2 Disadvantages Inside Limited or unlimited liability Example How is ownership terminated? Sources of investment 2 Examples-texts, symbols, or pictures

Directions: Work as a sole proprietor, partners, or corporation to provide responses to the scenarios in the space provided. Be prepared to present your findings. Partnership Scenario Max and Tim enjoy skiing so much that they are thinking about opening a ski resort. Max recently inherited about 100 acres of land in the mountains. This amount of land will easily accommodate a ski resort. Tim has about $30,000 in his saving account. Tim’s neighbor, Bob, operates a successful business. Both of them have limited knowledge about operating a business. They talk about offering ski slopes, equipment, housing, food, and entertainment at the resort. Max may have to continue working his full-time job as a teacher even once they opened the resort. Tim is ready to quit his job as an attorney right away and start the business. Complete the table using information from the scenario Type Partnership Owner(s) Manager(s) Type of partners should be considered Advantage(s) Disadvantage(s) Source(s) of investment Other information Considering the responses to the above items, what should they do with their resources and desire to open the ski resort? Why? Type Partnership Possible owner(s) Max and Tim, maybe Bob as well Possible manager(s) Type of partners should be considered Answers will vary Advantage(s) Max’s 100 acres of land Tim’s money in his saving account Max and Tim possibly working together Shared liability Disadvantage(s) Max and Tim’s limited knowledge in running a business Sharing of profits Decisions will have to be made together Source(s) of investment Other information Considering the responses to the above items, what should they do with their resources and desire to open the ski resort? Why?

Types of Partners Activity
Directions: In your group, decide which type of partner would be the best option to use in each scenario using the table below to make your decisions. Be prepared to back up your decision. Type of Partner Participation in the Business Relationship to Public Degree of Liability General Active Known Unlimited Dormant Not active Unknown Limited Secret Silent 1. Juan needs a partner in his office supplies business. He does not want the person to be involved in the business for day-to-day operations so he can make the majority of decisions due to his experience. He would like to be responsible for the liabilities of the company but also credit his partner by letting the public know who it is. What type of partner would be good for Juan’s business? Explain your answer. __________________________________________________________________________________________________________________________________________________________________________________________________________________ Limited, explanations will vary

Directions: In your group, decide which type of partner would be the best option to use in each scenario using the table below to make your decisions. Be prepared to back up your decision. Type of Partner Participation in the Business Relationship to Public Degree of Liability General Active Known Unlimited Dormant Not active Unknown Limited Secret Silent 2. Julie and Myra want to start a partnership making personalized pottery. Both want to be involved in the business, but Julie does not want to be known in the community as a partner. Both do not mind having unlimited liability for the business. What type of partners should each by for their business? Explain your answer. _________________________________________________________________________________________________________________________________________________________________________________________________________________ 3. Kenneth’s landscaping business has been doing well but he needs more working capital to meet the increase in business. He would like to bring in a partner for the extra capital and to share the profits but who would also let him conduct all the business. He would his partner to be added to the name of the business as well. What type of partner should Kenneth have? Explain your answer. __________________________________________________________________________________________________________________________________________________________________________________________________________________ 2. Julie – secret, Myra – general, explanations will vary 3. Silent, explanations will vary

Directions: In your group, decide which type of partner would be the best option to use in each scenario using the table below to make your decisions. Be prepared to back up your decision. Type of Partner Participation in the Business Relationship to Public Degree of Liability General Active Known Unlimited Dormant Not active Unknown Limited Secret Silent 4. Russell has been a partner in a barbershop for 10 years. He is not known around town as one of the owners and does not make any management decisions. He knows that he will be held liable for anything that happens at the business. What type of partner is Russell? Explain your answer. __________________________________________________________________________________________________________________________________________________________________________________________________________________ Dormant, explanations will vary

Corporation Who owns a corporation? The stockholder (shareholders).
An entity with the legal authority to act as a single person. Who owns a corporation? The stockholder (shareholders). An entity with the legal authority to act as a single person. How is ownership determined? Determined by purchase of stock A stockholder, or shareholder, owns a ‘piece’ of the company One share of common stock equals one vote Who manages a corporation? Managers, board of directors, and shareholders How are corporations formed? Filing of an article of incorporation with state government. The business must create corporate bylaws, name a board of directors, and issue shares of stock. In North Carolina, the business must choose a name, choose board of directors, file articles of incorporation, create bylaws, hold a meeting, issue stock, obtain licenses, determine tax obligations, and open a bank account for the business.

Corporation How is ownership determined?
Determined by purchase of stock A stockholder, or shareholder, owns a ‘piece’ of the company One share of common stock equals one vote Who owns a corporation? The stockholder (shareholders). An entity with the legal authority to act as a single person. How is ownership determined? Determined by purchase of stock A stockholder, or shareholder, owns a ‘piece’ of the company One share of common stock equals one vote Who manages a corporation? Managers, board of directors, and shareholders How are corporations formed? Filing of an article of incorporation with state government. The business must create corporate bylaws, name a board of directors, and issue shares of stock. In North Carolina, the business must choose a name, choose board of directors, file articles of incorporation, create bylaws, hold a meeting, issue stock, obtain licenses, determine tax obligations, and open a bank account for the business.

Corporation Who manages a corporation? How are corporations formed?
Managers, board of directors, and shareholders How are corporations formed? Filing of an article of incorporation with state government. The business must create corporate bylaws, name a board of directors, and issue shares of stock. Who owns a corporation? The stockholder (shareholders). An entity with the legal authority to act as a single person. How is ownership determined? Determined by purchase of stock A stockholder, or shareholder, owns a ‘piece’ of the company One share of common stock equals one vote Who manages a corporation? Managers, board of directors, and shareholders How are corporations formed? Filing of an article of incorporation with state government. The business must create corporate bylaws, name a board of directors, and issue shares of stock. In North Carolina, the business must choose a name, choose board of directors, file articles of incorporation, create bylaws, hold a meeting, issue stock, obtain licenses, determine tax obligations, and open a bank account for the business.

Corporation In North Carolina The business must choose a name.
Choose board of directors. File articles of incorporation. Create bylaws. Hold a meeting. Issue stock. Obtain licenses. Determine tax obligations. Open a bank account for the business. Who owns a corporation? The stockholder (shareholders). An entity with the legal authority to act as a single person. How is ownership determined? Determined by purchase of stock A stockholder, or shareholder, owns a ‘piece’ of the company One share of common stock equals one vote Who manages a corporation? Managers, board of directors, and shareholders How are corporations formed? Filing of an article of incorporation with state government. The business must create corporate bylaws, name a board of directors, and issue shares of stock. In North Carolina, the business must choose a name, choose board of directors, file articles of incorporation, create bylaws, hold a meeting, issue stock, obtain licenses, determine tax obligations, and open a bank account for the business.

Corporation Advantages & Disadvantages
Disadvantages of Corporations Advantages of Corporations Capital easy to obtain Limited liability for shareholders Can invest without having to manage day-to-day operations Possibility of unlimited lifetime of business Decision-making is shared Double taxation: profits and earnings Subject to more laws than other types of ownership More difficult to form Operations controlled by shareholders and board of directors instead of original owner(s) Example: 10 years after founding Apple, Steve Jobs was fired by the board of directors.

Corporation continued
How is a corporation terminated? Corporation may have unlimited life. Determined by charter or articles of dissolution, and must be approved by the majority of the board of directors and/or stockholders (shareholders) How is a corporation terminated? Corporation may have unlimited life. Determined by charter or articles of dissolution, and must be approved by the majority of the board of directors and/or stockholders (shareholders) What is the source of investment for corporations? Purchase of stock shares What are some examples? Walmart, Microsoft, Ford Motor Company, Coca-Cola, Delta

Corporation continued
What is the source of investment for corporations? Purchase of stock shares What are some examples? Walmart, Microsoft, Ford Motor Company, Coca-Cola, Delta How is a corporation terminated? Corporation may have unlimited life. Determined by charter or articles of dissolution, and must be approved by the majority of the board of directors and/or stockholders (shareholders) What is the source of investment for corporations? Purchase of stock shares What are some examples? Walmart, Microsoft, Ford Motor Company, Coca-Cola, Delta

Specialized Corporations
What is special about an S-corporation? This type of corporation treats each partner/owner as an individual by taxing them only one time. Why would a small business operate as an limited liability company (LLC)? Used by small businesses to receive limited liability protection. No articles of incorporation or bylaws are needed. What is special about an S-corporation? This type of corporation treats each partner/owner as an individual by taxing them only one time. Why would a small businesses operate as Limited liability company (LLC)? Used by small businesses to receive limited liability protection. No articles of incorporation or bylaws are needed. Who benefits from services of nonprofit corporation? Benefits the public and is exempt from taxation. May get grants from the individuals or businesses to raise funds.

Specialized Corporations
Who benefits from services of a nonprofit corporation? Benefits the public and is exempt from taxation. May get grants from the individuals or businesses to raise funds. What is special about an S-corporation? This type of corporation treats each partner/owner as an individual by taxing them only one time. Why would a small businesses operate as Limited liability company (LLC)? Used by small businesses to receive limited liability protection. No articles of incorporation or bylaws are needed. Who benefits from services of nonprofit corporation? Benefits the public and is exempt from taxation. May get grants from the individuals or businesses to raise funds.

Cooperatives & Franchises
Cooperatives or Co-op Why would an individual or business choose to be part of a cooperative? Formed by a group of individuals or businesses to serve their needs in order to gain bargaining power against bigger businesses. Also, allows for goods or services to be purchased at a lower price as a group and is owned by the members of the cooperative. Why would an individual or business choose to be part of a cooperative? Formed by a group of individuals or businesses to serve their needs in order to gain bargaining power against bigger businesses. Also, allows for goods or services to be purchased at a lower price as a group and is owned by the members of the cooperative. What are some examples of a cooperative? Agricultural cooperatives, housing cooperatives, utility cooperative, credit unions (cooperative banking) Why would an individual choose franchise as a form of business? A franchise grants permission to sell products and services to another business. It offers brand/product recognition and a proven format of business that is successful. What are some examples of franchises? Jackson-Hewitt Tax Services Burger King Firestone Tires Local stores selling shell gas

Cooperatives or Co-op What are some examples of a cooperative? Agricultural cooperatives, housing cooperatives, utility cooperative, credit unions (cooperative banking) Why would an individual or business choose to be part of a cooperative? Formed by a group of individuals or businesses to serve their needs in order to gain bargaining power against bigger businesses. Also, allows for goods or services to be purchased at a lower price as a group and is owned by the members of the cooperative. What are some examples of a cooperative? Agricultural cooperatives, housing cooperatives, utility cooperative, credit unions (cooperative banking) Why would an individual choose franchise as a form of business? A franchise grants permission to sell products and services to another business. It offers brand/product recognition and a proven format of business that is successful. What are some examples of franchises? Jackson-Hewitt Tax Services Burger King Firestone Tires Local stores selling shell gas

Why would an individual choose franchise as a form of business? A franchise grants permission to sell products and services to another business. It offers brand/product recognition and a proven format of business that is successful. Why would an individual or business choose to be part of a cooperative? Formed by a group of individuals or businesses to serve their needs in order to gain bargaining power against bigger businesses. Also, allows for goods or services to be purchased at a lower price as a group and is owned by the members of the cooperative. What are some examples of a cooperative? Agricultural cooperatives, housing cooperatives, utility cooperative, credit unions (cooperative banking) Why would an individual choose franchise as a form of business? A franchise grants permission to sell products and services to another business. It offers brand/product recognition and a proven format of business that is successful. What are some examples of franchises? Jackson-Hewitt Tax Services Burger King Firestone Tires Local stores selling shell gas

What are some examples of a franchise? Jackson-Hewitt Tax Services Burger King Firestone Tires Local stores selling shell gas Why would an individual or business choose to be part of a cooperative? Formed by a group of individuals or businesses to serve their needs in order to gain bargaining power against bigger businesses. Also, allows for goods or services to be purchased at a lower price as a group and is owned by the members of the cooperative. What are some examples of a cooperative? Agricultural cooperatives, housing cooperatives, utility cooperative, credit unions (cooperative banking) Why would an individual choose franchise as a form of business? A franchise grants permission to sell products and services to another business. It offers brand/product recognition and a proven format of business that is successful. What are some examples of franchises? Jackson-Hewitt Tax Services Burger King Firestone Tires Local stores selling shell gas

Name_________________________ Class _________________ Date _________ Types of Business Ownership Brochure Activity Directions: Use available material and supplies to make a brochure of the types of business ownership. Special Types of Ownership Describe the types of specialized partnerships and corporations, including examples Describe cooperative Describe franchise, including examples 2 Examples- texts, symbols, or pictures of a franchise Name Date Period Class Title Business Quote or Picture Corporation How many owners? Who manages? How is business started? 2 Advantages 2 Disadvantages Limited or unlimited liability Example How is ownership terminated? Sources of investment 2 Examples-texts, symbols, or pictures Partnership Kinds of partners Proprietorship

Scenario 3 Jade and John own and operate several ice cream stores. Jade is interested in expanding the business by offering additional services and opening more locations. John reminded Jade that they will need more resources in order to expand. Jade suggested that they offer shares to relatives to finance the expansion. Should Jade and John form a corporation? Compare the advantages and disadvantages of them forming a corporation.

Directions: Work as a sole proprietor, partners, or corporation to provide responses to the scenarios in the space provided. Be prepared to present your findings. Corporation Scenario A company wants to expand to several other cities. The board of directors proposed the option of selling 300 more shares to obtain the funds. The company stock value has decreased about 1% over the past year. The corporation has earned an average profit of over $40,000 for the past three years. Complete the table using information from the scenario Type Corporation Owner(s) Manager(s) Advantage(s) Disadvantage(s) Source(s) of investment How could expansion help the corporation with the decreased stock value? Considering the responses to the above items, should the company pursue its expansion plans? Why? Type Corporation Owner(s) Shareholders Manager(s) Managers, board of directors, and shareholders Advantage(s) Capital possible easily available if 3000 more shares are sold. Disadvantage(s) Double taxation will take place for the profits and earnings of $40,000. Source(s) of investment Possibility of the purchase of 3000 more shares of stock How could expansion help the corporation with the decreased stock value? Answers will vary. Considering the responses to the above items, what should the corporation do about their expansion plans? Why?

Across 5. Two or more persons to carry on as co-owners of a business for a profit. Partnership 9. Each stock equals one _______ at the shareholder meeting. Vote 10. Type of liability in which you can lose all your assets. Unlimited 16. Partnership formed by the way two or more people conduct their business (4 words). By proof of existence 17. Entity with the legal authority to act as a single person. Corporation 18. Partner has an active role, but unknown existence. Secret 19. Grants permission to sells its products and services as a business. Franchise Down 1. Business owned by one person (two words). Sole proprietorship 2. Partnership formed after they agree to conditions in a contract (two words). By agreement 3. Type of corporation that benefits the public and receives a tax break. Nonprofit 4. Abbreviation for a partnership with limited liability. LLP 6. Partner has no role, but is known to public. Silent 7. Type of taxation on a corporation. Double 8. Type of liability in which you only lose your initial investment in the company. Limited 11. Partner plays no role and is not known to public. Dormant 12. __________ of incorporation. Articles 13. Partner has an active role, unlimited liability. General 14. Formed by a group to gain bargaining power. Cooperative 15. __________venture is a special project for a limited time. Joint

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