Types of Business Ownership Wednesday Clock In

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Across
  1. 3. A person who owns the business and is personally responsible for its debts. This is the simplest form of business to start and own.
  2. 4. A license needed to officially register a business.
  3. 7. A company set up to accomplish a specific mission rather than generate a profit.
  4. 8. An intangible legal entity that can buy property, earn money, manufacture and distribute products, pay taxes, sue or be sued, and enter into contracts.
  5. 9. A business structure that protects its owners from personal responsibility for its debts or liabilities. LLC's resemble a corporation and sole proprietorship.
  6. 12. Classified in more than one type of business.
  7. 13. Purchases materials for making a new product; combines raw materials, labor, and factory overhead in its production process.
  8. 14. The relationship between two or more people who join to create a business. The owners are called partners, and the ownership does not have to be equal.
  9. 15. Partnership where all partners have unlimited liability. The partners’ personal assets, including their savings, investments, and homes, can be used to pay off the business’ debts.
  10. 16. Partnership where there is one managing partner and at least one limited partner. The limited partner has limited liability, meaning they cannot lose more than the amount originally invested by each partner.
Down
  1. 1. A corporation that pays taxes on profits and provides personal liability protection to its owners.
  2. 2. A corporation that provides limited liability to its owners and is taxed like a partnership. S corporations are intended for small businesses with fewer than 100 stockholders.
  3. 5. Provides intangible products. Examples include repair shops, banks, accounting firms, and law firms.
  4. 6. Buys products at wholesale price and sells the same at retail price; sells a product without changing its form. Examples include grocery stores, convenience stores, distributors, and other resellers.
  5. 10. One who invests money, but is not involved in the business’ daily operations or management.
  6. 11. The legal responsibility in business.