<p>Name ______Date______</p><p>Small Business and Ownership</p><p>Guided Notes</p><p>1. Small businesses are ______businesses with fewer than ______employees.</p><p>Types of Ownership Type of Ownerships Characteristics Examples</p><p>2. ______is owned by one person, is the easiest type of business to own and is the ______. Examples are: ______</p><p>Sole Proprietorship Advantages Disadvantages</p><p>3. A ______is a legal association of two or more people as co-owners of a business for profit. </p><p>4. Two basic types of partnerships are:</p><p> a. ______- which is where all partners are considered ______by law, and all are liable for the business’s debts. b. ______- which is where one or more persons act as general partners who run the business, while the remaining partners are ______investors (that is, they are not involved in managing the business). Name ______Date______</p><p>Partnerships Advantages Disadvantages</p><p>5. A ______is a legal entity with the power to own property and conduct business.</p><p>6. Characteristics of corporations include:</p><p> a. ______</p><p> b. ______</p><p> c. ______</p><p> d. ______</p><p>Corporations Advantages Disadvantages</p><p>7. Types of corporations:</p><p> a. ______</p><p> Same as corporation except federal income taxes Name ______Date______</p><p> Owners receive tax advantages of a partnership while raising money through the sale of stocks</p><p> b. ______</p><p> Tax advantage of partnership with personal liability protection of a corporation</p><p> c. ______</p><p> Partially or wholly owned by another corporations known as ______</p><p>8. A ______is right granted to an individual or group to market a company's goods or services within a certain territory or location.</p><p>Types of Franchises Type of Franchises Characteristics Examples Product franchise</p><p>Manufacturing franchise</p><p>Business-format franchise</p><p>Franchises Advantages Disadvantages</p>