Ch 5: ILTS Business: Business Partnerships

About This Chapter

Let us show you the differences between the various types of business partnerships. These engaging video lessons with quizzes for self-assessment can help prepare you for the ILTS Business, Marketing and Computer Education content area exam.

ILTS Business: Business Partnerships - Chapter Summary

As in 'solo', a sole proprietorship is a business owned by one person. You can check out the advantages and disadvantages of sole proprietorships through this chapter. In addition, you can learn about types of partnerships, corporations and limited liability companies. There are special tax laws governing these types of partnerships, and these lessons can fill you in on those rules and liabilities. The video lessons cover the following concepts:

  • Sole proprietorships
  • General, limited and limited liability partnerships
  • Limited liability companies
  • Creation of corporations
  • Liabilities and tax structure of partnerships and corporations

The quiz at the end of each lesson can help you measure your learning and gain some practice in the types of questions you might encounter on this ILTS Business, Marketing and Computer Education content area test.

ILTS Business: Business Partnerships Objectives

The ILTS Business, Marketing and Computer Education test uses multiple-choice questions to test your knowledge of accounting procedures, economics and marketing principles. It also tests your understanding of entrepreneurship and international business concepts, computer technology in business and various types of business communication.

Three sections of the exam assess your understanding of accounting procedures used to measure liabilities and owner's equity. These sections also analyze your abilities in exploring the various types of business ownership and in weighing the pros and cons of owning a business. You can also prove your knowledge of using formulas to solve tax problems. The lessons in this chapter on business partnerships can help you prepare for these sections of the exam.

8 Lessons in Chapter 5: ILTS Business: Business Partnerships
Test your knowledge with a 30-question chapter practice test
What is a Sole Proprietorship? - Definition, Advantages, Disadvantages & Examples

1. What is a Sole Proprietorship? - Definition, Advantages, Disadvantages & Examples

A sole proprietorship is a small business with one owner. Explore the definition of a sole proprietorship, examine its various advantages and disadvantages, and understand the examples.

General Partnership: Definition, Advantages & Examples

2. General Partnership: Definition, Advantages & Examples

General partnerships are the most typical, easy, and cost-effective form of business partnerships. Discover what it means to be in a general partnership as well as the advantages and disadvantages of being in one.

What Is a Limited Partnership? - Definition, Advantages & Disadvantages

3. What Is a Limited Partnership? - Definition, Advantages & Disadvantages

A limited partnership is a type of business partnership that involves a general partner responsible for the everyday operations and limited partners, who invest in the business. Explore the definition, advantages, and disadvantages of a limited partnership.

What Is a Limited Liability Partnership? - Definition, Advantages & Disadvantages

4. What Is a Limited Liability Partnership? - Definition, Advantages & Disadvantages

A limited liability partnership is a form of business structure in which the owners are usually not liable for their partner's actions. Learn the definition of a limited liability partnership, and examine its main advantages and disadvantages.

Tax Structure and Liability of Business Partnerships

5. Tax Structure and Liability of Business Partnerships

In business, a partnership is a contractual arrangement involving two or more parties who agree to jointly own and operate a business. Learn about the tax structure and liability of business partnerships. Explore the definition of partnerships, including general and limited, and understand the advantages and disadvantages of partnerships.

What Is a Limited Liability Company? - Definition, Benefits & Examples

6. What Is a Limited Liability Company? - Definition, Benefits & Examples

A limited liability company is a structure in business that is a hybrid of a corporation and partnership. Explore more about a limited liability company, including its tax benefits, liability advantage, and some examples of these types of companies.

How to Create a Corporation

7. How to Create a Corporation

Corporations are large and intricate business structures in which the business itself is separated from those who are running it. Discover the common procedures of creating a corporation, the pros and cons of different types of corporations, and the roles of directors, shareholders, and bylaws.

Tax Structure and Liability of Corporations

8. Tax Structure and Liability of Corporations

There are many advantages and disadvantages to the structural organization of corporations. Learn about their dynamic underpinnings, including corporate tax structure, the liability of corporations or shareholders, and piercing the corporate veil.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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More Exams
There are even more practice exams available in ILTS Business: Business Partnerships.

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