My Account Pre-Assignment
Complete the following exercise before you start your course. The answers will be reviewed during Module Two. The jurisdiction where you do business might use different terms to the ones we have below, but they will have similar terms and meanings. Match each term in the left column with the correct definition in the right column.
| Sole Proprietorship | Two or more people contribute goods, services, or monetary resources to a shared business enterprise. This is usually founded with a contract that all parties will sign. That contract will describe things like profit distribution, the management structure, and who is responsible to contribute what. |
| Partnership (General) | A company in one country can establish a presence in another country, provided they are following all the laws and rules in the new country. |
| Partnership (Limited) | An individual or a business may wish to establish and operate within parameters set by another company where the products, services, procedures, and more are all prescribed by the company. |
| Corporation | An individual establishes and runs a business where they make all business decisions, and are responsible for providing a product or services. |
| Joint Venture | Two or more people decide to work together. Certain partners accept more risk than others. |
| Franchise | Two or more people decide to work together, and share the profits as well as the risks associated with running their company. |
| Subsidiary | The owner of a business decides to create an entity that is separate from their own self. That business has the status of an entity. It can enter into contracts, pays tax, and files taxes separate from the people who own the business. |