Forms of Business Ownership Reading Quiz

What is the most common form of business ownership?

• Corporation

• Company

• Sole proprietorship

• LLC

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 one perk a sole proprietorship does not have access to?

• Employer-funded health insurance

• Tax breaks

• Both

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

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

• Limited Partnership

• Curtailed Partnership

• Joint Venture

• Timed Partnership

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

• Corporation

• Company

• Sole proprietorship

Which form of business has the lowest tax rate discussed in this chapter?

• Sole Proprietorship

• Partnership

• Corporation

• S Corporation

Which form of business has unlimited liability where if sued could lose both personal and corporation's assets?

• Sole Proprietorship

• Partnership

• Corporation

• S Corporation

Which form of business can raise capital the fastest?

• Sole Proprietorship

• Partnership

• Corporation

The Limited Liability Partnership is structured pretty much the same as.

• Limited Partnership

• General Partnership

• Joint Venture