Business Ownership/Registration

What is a Sole Proprietorship?

• Business owned by president

• Business owned by several companies

• Business owned by one person

• Business owned by a company

Sole proprietorship business can be started by

• at least seven persons

• any one person

• at least two persons

• at least three persons

Sole Proprietorship is most suitable for

• Medium scale concerns

• Large scale concerns

• Small scale concerns

• None of the above

Sole proprietorship business owner has

• Restricted Liability

• No Liability

• Unlimited Liability

• Limited Liability

A _______________ is a business owned jointly by two or more people. 

• Partnership 
• Corporation 
• Limited Liability Corporation (LLC)
• Sole Propirtorship

_______________is a legal term for being held accountable

• Liability

• Assets

• Bankruptcy

• Claim

A partnership in which two or more people or firms combine their resources to complete one complex project.

• joint venture
• silent partner
• nominal partner
• secret partner

What is a major advantage of a business that is a partnership rather than a sole proprietorship?

• The responsibility for the business is shared
• The business is easy to set up
• The partners are not responsible for business debts
• The business is easy to sell

This type of business is owned by many people called stockholders.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Floral shops, bookstores and farms are examples of.....

• Sole Proprietorships
• Partnerships
• Corporations
• Franchises