About This Chapter
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.
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.
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.
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.
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.
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.
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.
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.
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.
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Other chapters within the ILTS Business, Marketing, and Computer Education (171): Test Practice and Study Guide course
- ILTS Business: Accounting Cycle
- ILTS Business: Applied Accounting
- ILTS Business: Accounting Principles
- ILTS Business: Types of Investments
- ILTS Business: Evaluating Company Performance
- ILTS Business: Economic Basics
- ILTS Business: The US Economy
- ILTS Business: Fiscal & Monetary Policy
- ILTS Business: Economics of a Firm
- ILTS Business: Global Economics
- ILTS Business: Marketing Basics
- ILTS Business: Product Pricing & Selling
- ILTS Business: Product Development & Distribution
- ILTS Business: Product Promotion
- ILTS Business: Market Research
- ILTS Business: Selling & Customer Service
- ILTS Business: Entrepreneurship
- ILTS Business: Management
- ILTS Business: Organizational Structure
- ILTS Business: Teams in a Business Setting
- ILTS Business: Leadership
- ILTS Business: Human Resource Management
- ILTS Business: Business Ethics
- ILTS Business: Business Law
- ILTS Business: Global Business
- ILTS Business: Challenges of Globalization
- ILTS Business: Business Communication
- ILTS Business: Computer Basics
- ILTS Business: Information Systems & Applications
- ILTS Business: The Internet and Business
- ILTS Business, Marketing, and Computer Education Flashcards