Forms of Ownership

What is a form of general partnership formed for a short period of time?

• Limited Partnership

• Curtailed Partnership

• Joint Ventured

• Timed Partnership

According to the U.S. Census Bureau, how many partnerships existed in the United States in 2008?

• 500,000

• 1 million

• 2 million

• 3.1 million

In a sole proprietorship, income and expenses are included on what for the owner?

• Personal tax return

• Corporate tax return

• W-2

• I-9

What is a form of business ownership in which two or more people jointly own a business?

• Partnership

• Sole proprietorship

• Company

• Business

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

• Stakeholder

• Shareholder

• CEO

• Chairman

What is the most common form of business ownership?

• Corporation

• LLC

• Sole proprietorship

• Company

What kind of corporation can be taxed in the same way as a partnership?

• "C" corporation

• "P" corporation

• "S" corporation

• "F" corporation

What type of business can be designated as profit or non-profit?

• Corporation

• LLC

• Sole proprietorship

• Company

What type of corporation combines the benefits of a partnership and a corporation?

• Limited Liability

• Company

• Joint venture

• Partnership

What is one perk a sole proprietorship does not have access to?

• Employer-funded health insurance

• Tax breaks

• neither

• both