BUSSHART KM - FORMS OF BUSINESS OWNERSHIP

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

• Partnership

• Company

• Sole proprietorship

According to the Tax Foundation, how many sole proprietorships are there in the United States?

• 500,000

• 5 million

• 17 million

• 23 million

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

• Limited Partnership

• Joint Venture

• Curtailed Partnership

• Timed Partnership

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

• Sole proprietorship

• Company

• Corporation

• LLC

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

The CEO is hired and fired by whom?

• Stockholders

• President

• Board of Directors

• Chief Operations Officer - COO

True or False: A Limited Liability Corporation is a form of business that is NOT available in each state

• True

• False

True or False: Corporations are typically the size of companies like Apple

• T

• F

True or False: There are more corporations than sole proprietorships in the U.S.

• T

• F