Business Ownership and Operations

Front

A business owned by only one person is a:

Back

Sole Proprietorship

Front

A business owned by two or more persons that share the risks and rewards is a:

Back

Partnership

Front

A business owned by many people, but treated by law as one person is a:

Back

Corporation

Front

A corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax credits is a:

Back

S Corporation

Front

A business structure that combines the pass through taxation of a partnership or sole proprietorship with the limited liability of a corporation is a:

Back

Limited Liability Company (LLC)

Front

If a company has unlimited liability they:

Back

have full responsibility for companies debts, must make up difference on money owed, could lose personal savings, property, car, etc.

Front

Is it true that limited liability is when a company loses money and stockholders lose only what they invested?

Back

True

Front

When all parties share legal & financial liability equally it is a:

Back

General Partnership (GP)

Front

When a business limits partners personal liability it is a: General Partnership (GP), Limited Liability Partnership (LLP), Limited Partnership (LP), it is not a partnership

Back

Limited Liability Partnership (LLP)

Front

When one person has full responsibility and the other is “silent partner” it is a:

Back

Limited Partnership (LP)