Forms of Business Ownership

Front

A business with one owner is known as a:

Back

Sole Proprietorship

Front

A business run by 2-20 people and has unlimited liability is known as a:

Back

Partnership

Front

What is the name of a person who owns part of a corporation?

Back

Shareholder

Front

What is the most common form of business ownership? Options: Corporation, Company, Sole Proprietorship, LLC

Back

Sole Proprietorship

Front

This type of business is subject to many more laws and are more difficult to form.

Back

Corporation

Front

The major policy and financial decision makers of a corporation are determined by the...

Back

Board of Directors

Front

This type of organization is a legal entity separate from its owners. Options: Sole proprietorship, Partnership, Corporation, Franchise

Back

Corporation

Front

Which of the following best describes the term limited liability?

Back

The owner only loses the amount invested in the business

Front

Drawback for an entrepreneur setting up a business as a sole proprietorship?

Back

Unlimited liability

Front

What is an advantage of operating a large established business as a corporation?

Back

Shares can be sold to the public to raise additional finance