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Business ownership types

Business ownership types

Assessment

Flashcard

Business

9th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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13 questions

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1.

FLASHCARD QUESTION

Front

All of the following are business types EXCEPT: Sole proprietorship, Partnership, Cooperation, Corporation

Back

Cooperation

2.

FLASHCARD QUESTION

Front

This business is the easiest to form and the most common: Sole proprietorship, Partnership, Corporation, LLC

Back

Sole proprietorship

3.

FLASHCARD QUESTION

Front

If you were just starting a small business, not knowing if your product is viable, you may want to start as a

Back

Sole proprietorship

4.

FLASHCARD QUESTION

Front

Once your business has grown and you are making a substantial sum of money, you will likely want to transition to ________, which will provide you with asset protection and you can maintain personal ownership.

Back

LLC

5.

FLASHCARD QUESTION

Front

The term LLC stands for: _________ it helps to protect the owners assets from business debts.

Back

Limited Liability Company

6.

FLASHCARD QUESTION

Front

A corporation is run by _______ and owned by _____________.

Back

Board of directors; shareholders

7.

FLASHCARD QUESTION

Front

This type of business will die with its owner: Sole Proprietorship, Partnership, Corporation, LLC

Back

Sole Proprietorship

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