Exit Ticket - 11/14/22

Multiple Choice

What is a unique characteristic of a limited liability company?

• It limits ownership only to those who own shares of the company’s stock.

• It grants full rights to profits to its owners but also full responsibility for any losses that are incurred.

• It mixes elements of a corporation with sole proprietorship and partnership to protect personal assets.

• It is established through articles of incorporation, which makes it a separate legal entity.

Multiple Choice

Which form of business is the most common in the United States?

• limited liability company

• corporation

• partnership

• sole proprietorship

Multiple Choice

What is the legal structure of business in which the owners are considered any person or entity that holds a share of stock in that company?

• corporation

• sole proprietorship

• partnership

• limited liability company