Chapter 5
1. What are the advantages and disadvantages of sole proprietorships?
2. Describe the differences between general and limited partners, and compare the advantages and disadvantages of partnerships.
3. What are the three key elements of a general partnerships?
4. What are the main differences between general and limited partners?
5. What does unlimited liability mean?
6. What does limited liability mean?
7. What is a master limited partnership?
8. What are the advantages and disadvantages of partnerships?
9. What is the definition of corporation?
10. What are the advantages and disadvantages of corporations?
11. Why do people incorporate?
12. What are the advantages of S corporations?
13. What are the advantages of limited liability companies?
14. What is a merger?
15. What are leveraged buyouts, and what does it mean to take a company private?
16. What is a franchise?
17. What are the benefits and drawbacks of being a franchisee?
18. What is the role of a cooperative?
Answer the below
Read Chapter 6 and answer the questions below.
1. What are a few of the reasons people start their own businesses?
2. What are the attributes of successful entrepreneurs?
3. What have modern entrepreneurs done to ensure longer terms of management?
4. What is a micropreneur?
5. What is intrapreneuring?
6. Why has there been such an increase in the number of home based and web based businesses in the last few years?
7. Why are small businesses important to the U.S economy?
8. What does small business mean?
9. Why do many small businesses fail?
10. What hints would you give someone who wants to learn about starting a small business?
11. What goes into a business plan?
12. What sources of funds should someone wanting to start a new business consider investing?
13. What are some of the special problems that small-business owners have in dealing with employees?
14. Where can budding entrepreneurs find help in starting their businesses?
15. Visit
what services do they offer?
16. Select a small business in your area or a surrounding area that has failed. List the factors you think led to its failure.