1. Yoong Woo

3.  Individuals who want to work and make decisions independently  Little government regulation  Great risk for the owner

5.  Owned and controlled by two or more people  Partners share an idea for a business  Partners want to cooperate in managing and investing, and want to share the risks and awards.

7.  Separate legal entity owned by one or more shareholders managed by a board of directors  More difficult to form  Subject to more regulations  Limited liability for investors

9.  Limited liability company (LLC) is a flexible form of enterprise that blends elements of partnership and corporate structures.  Examples: Ernst & Young (E&Y) LLP, PricewaterhouseCoopers LLB, Deloitte & Touche LLP and KPMG LLP.

10.  Two parties come together for a finite time to develop a new entity ad new assets by contributing equity. They share revenues, expenses and assets.  Examples: Dow Corning, MillerCoors, Sony Ericsson, and Penske Truck Leasing.

11.  Franchising is the practice of using another firm’s successful business model.  Examples: Almost all fast food restaurants.

12.  S corporations do not pay for any federal income taxes. The income of the corporation is divided and passed through to its shareholders.

13.  An organization that does not distribute its surplus funds to owners or shareholders, but instead uses it to help them pursue its goals.  Examples: Charities, foundations, and religious organizations.

14.  A business organization owned and operated by a group of individuals for their mutual benefit.  Examples: Dairy Farmers of America, Lancaster Farm Fresh, and Land O’Lakes.