Chapter 23 Review Questions | Milady's Standard Professional Barbering
Chapter 23 Review Questions Identify two ways a barber may be self-employed in the barbershop. Independent contractor or Booth renter Define booth rental. A form of self-employment, business ownership, and tax designation with certain responsibilities for bookkeeping, taxes, insurances, and so forth List and define six types of ownership under which a business may operate. Sole proprietor - Business structure with a single owner and manager of a business Partnership - Business structure in which two or more people share ownership, although not necessarily equally Corporation - Business ownership shared by three or more people, called stockholders Limited Liability Company - Provides owners with protection from acts or debts associated with the company S-Corporation - Business entity with features similar to a corporate structure that allows company income to be reported through the owners’ personal income tax returns like a limited liability company Fran