Types of Business Ownership

A form of business ownership in which the owners share the risk of loss and the chance for profit is a(n) __________.

Name the form of business ownership that is considered an artificial being.

Tom works as a computer consultant on his own. He obtains and services his customers, and handles all billing and collections. What form of ownership is Tom’s business?

Janet had to sell her car and vacation condo to pay her business debts. Janet’s situation is an example of __________.

The purpose of forming partnerships is often to combine capital, experience, and

Which form of business ownership generates a majority of U.S. sales?

Gene invested $8,000 in his cousin’s sports equipment business. He didn’t participate in the day-to-day business activities. This is an example of a(n) __________ partnership.

Corporations are governed by a(n) __________.

The form of ownership affects the business owner’s control, liability, and __________.

What type of corporation must have 100 or fewer shareholders?