Question

1. our country provides small businesses with resources they can use to help them get started and be successful. what is this government agency called?
2. what is not a disadvantage of a sole proprietorship?

a) hard decisions fall on the owner.
b) the owner keeps all the profit.
c) the owner is responsible for all debts and liabilities.
d) can be hard to get high quality employees.

1. which type of partnership has both partners sharing the workload and being active?

a) general partnership
b) limited partnership
c) limited liability partnership

1. which type of partnership has partners that are only liable for their investment in the partnership?

a) general partnership
b) limited partnership
c) limited liability partnership

1. corporations are a type of business that can do the following:

a) own and sell property
b) sell stocks (ownership rights)
c) sue or be sued
d) all of the above

Explanation:

1. The Small Business Administration (SBA) is the U.S. government agency that provides resources to help small businesses get started and be successful. It offers various forms of assistance such as loans, counseling, and training.
2. In a sole proprietorship, the owner has unlimited liability. However, one of the advantages is that the owner keeps all the profit. But having hard decisions fall on the owner is a disadvantage. The owner being responsible for all debts and liabilities is also a characteristic (but not a disadvantage in the context of this question). The fact that it can be hard to get high - quality employees is a valid disadvantage.
3. In a general partnership, partners share the workload and are active in the business. Limited partnerships have limited partners who are only liable for their investment. Limited liability partnerships have a different liability structure.
4. Limited partners in a limited partnership are only liable for their investment in the partnership. General partners have more extensive liability. Limited liability partnerships have a different liability setup.
5. Corporations can own and sell property, sell stocks (ownership rights), and can be sued. So all of the above are things corporations can do.

Answer:

1. c. Small Business Administration
2. d. Can be hard to get high quality employees
3. a. General Partnership
4. b. Limited Partnership
5. d. All of the above