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Ch 37: WEST Business & Marketing Education: Business Entities

About This Chapter

Use this study guide to review for WEST Business & Marketing Education questions on business entities. Review the structure of sole proprietorships, partnerships, corporations and more through our handy videos.

WEST Business & Marketing Education: Business Entities - Chapter Summary

This chapter helps you review the structure, advantages and disadvantages of a variety of business entities. Watch videos that discuss the process for creating and terminating business partnerships, the roles within a corporation, and payroll cost calculations and more. After watching these videos, you should be able to answer questions on the following types of business entities:

  • Sole proprietorship
  • Business partnerships
  • General partnership
  • Limited partnership
  • Limited liability partnerships
  • Limited liability companies
  • Corporations

The lessons in this chapter include animated videos, text transcripts and self-assessment quizzes. The knowledgeable instructors use fun examples and graphics to present key points in a way that is easy to understand and remember. The instructors are also available to answer questions if you run into any troubles while studying.

14 Lessons in Chapter 37: WEST Business & Marketing Education: Business Entities
Test your knowledge with a 30-question chapter practice test
What Is Sole Proprietorship: Definition, Advantages & Disadvantages

1. What Is Sole Proprietorship: Definition, Advantages & Disadvantages

Most businesses are sole proprietorships. This is the easiest and most straightforward type of business to form. Sole proprietorships are owned and run by only one person. This lesson explains sole proprietorships.

Creating a Business Partnership Agreement

2. Creating a Business Partnership Agreement

Many businesses are partnerships. These are businesses owned by two or more people. This lesson explains how partnerships are created and the use of partnership agreements.

Tax Structure and Liability of Business Partnerships

3. Tax Structure and Liability of Business Partnerships

Many businesses are partnerships. These are unincorporated businesses owned by two or more people. This lesson explains the tax structure of partnerships and the liability of general partners.

Dissolution and Termination of a Partnership

4. Dissolution and Termination of a Partnership

A partnership is an unincorporated business owned by two or more people. When the partners decide to no longer do business together, they must dissolve, wind up and terminate the partnership. This lesson explains dissolution and winding up.

General Partnership: Definition, Advantages & Examples

5. General Partnership: Definition, Advantages & Examples

Many businesses are structured as general partnerships. General partners share both the benefits and obligations of the business. This lesson explains general partnerships, including the advantages and the liabilities.

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

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

Many businesses are formed as partnerships. There are several different types of partnerships. This lesson explains the advantages and disadvantages of limited partnerships.

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

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

Many businesses are formed as partnerships. There are actually several different types of partnerships, including limited liability partnerships. This lesson explains the advantages and disadvantages of limited liability partnerships.

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

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

A limited liability company is a popular business structure that provides the benefits of both a partnership and a corporation. This lesson explains the benefits of limited liability companies.

How to Create a Corporation

9. How to Create a Corporation

A corporation is a complex business structure that allows for the separate existence of the business from the individuals that run the business. This lesson explains corporations and how to create a corporation.

Shareholder, Board of Director & Officer Roles

10. Shareholder, Board of Director & Officer Roles

A corporation is a complex business structure made up of many different individuals. This lesson explains the corporate roles of shareholders, the board of directors and officers.

What Are Dividends? - Investing in Stocks

11. What Are Dividends? - Investing in Stocks

Many people are interested in stock investment, and there are a few basic terms investors and business people should understand. This lesson explains dividends, common stock and preferred stock.

Tax Structure and Liability of Corporations

12. Tax Structure and Liability of Corporations

A corporation is a complex business structure with unique characteristics pertaining to taxation and liability. The advantages of a corporation are subject to certain rules. This lesson explains double taxation, limited liability and piercing the corporate veil.

How to Dissolve a Corporation

13. How to Dissolve a Corporation

Corporations generally have perpetual existence. Therefore, a corporation must be dissolved if the owners wish to terminate the corporation's existence. This lesson explains corporate dissolution.

Payroll Cost Calculations

14. Payroll Cost Calculations

Watch this video lesson to learn how the money you earn from a job, your paycheck, is calculated based on the number of hours you have worked. Also learn how taxes are calculated as well as overtime pay.

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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