Chapter 6 Vocab Test

A business owned by one person.

• partnership

• sole-proprietorship

• corporation

An association of two or more people operating a business as co-owners and sharing the profits according to a written agreement.

• sole-proprietorship

• partnership

• corporation

A business made up of a number of owners but authorized by law to act as a single person.

• sole-proprietorship

• partnership

• corporation

A business with one owner is known as a:

• Company

• Sole proprietorship

• Partnership

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

• Company

• Sole proprietorship

• Partnership

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

• Proprietorship

• Partnership

• Corporation

This type of organization is a legal entity separate from its owners.

• Sole proprietorship

• Partnership

• Corporation