Types of Firms

Front

To start a partnership business, what should be the minimum number of partners?

Back

2

Front

In partnership, partners liabilities are

Back

Unlimited

Front

What is meant by the term 'unlimited liability'?

Back

The owners of a business have personal responsibility for paying its debts.

Front

when a group of people form a business or organization and have rights and liabilities separate from the individuals involved

Back

Corporation

Front

money or debt owed

Back

Liability

Front

Walmart is an example of a: single owner, partnership, corporation, non-profit

Back

corporation

Front

A father who wants to take his son into the business with him should form a......

Back

partnership

Front

Someone who wants to control all aspects of the business should form this type of business.

Back

sole proprietorship

Front

A very large business with branches all over the world.

Back

Corporation

Front

Over 2 million people own stock in American Steel; what type of business is it?

Back

Corporation