Types of Business Ownership

Front

All business partnerships are 50/50.

Back

False

Front

______ is the legal responsibility in business.

Back

Liability

Front

Do LLC's resemble a corporation and sole proprietorship?

Back

True

Front

A Nonprofit corporation is a company set up to accomplish a specific mission rather than generate a profit.

Back

True

Front

S corporations are intended for small businesses with fewer than 100 stockholders.

Back

True

Front

______________ is one who invests money, but is not involved in the business’ daily operations.

Back

Silent Partner

Front

A manufacturing business buys products at wholesale price and sells the same at retail price.

Back

False

Front

All of the following are service businesses except: Repair Shops, Retail Stores, Banks, Law Firms

Back

Retail Stores

Front

________ is an intangible legal entity that can buy property, earn money, manufacture products, and pay taxes.

Back

Corporation

Front

The main purpose of a non-profit corporation would be _______.

Back

To accomplish a mission.