Business Ownership Quiz

A corporation that is taxed separately from its owners.

• C Corporation

• S Corporation

• Nonprofit corporation

• Joint Venture

A form of business ownership that has more than one partner (owner).

• General Partnership

• S Corporation

• C Corporation

• Joint Venture

A form of business ownership that protects shareholders from personal liability if the business is sued. This is because the corporation is a separate legal entity.

• Corporation

• Joint Venture

• Shareholder

• Sole Proprietorship

A general partnership that lasts only for a limited time, such as for the duration of a project.

• Joint Venture

• Sole Proprietorship

• Shareholder

• Nonprofit Corporation

A form of business ownership that has taxation pass-through to the partners, just like a partnership, while also having the limited liability of a corporation. In other words, partners are not typically liable for the debt of the LLC.

• Limited Liability Compnay

• Joint Venture

• Shareholder

• Sole Proprietorship

A form of business in which one partner is not exposed financially to, or personally liable for, the possible malfeasance of another partner.

• Limited Liability Partnership

• Sole Proprietorship

• Joint Venture

• S Corporation

A form of business ownership almost identical to a general partnership, except that there is at least one limited partner.

• Limited Partnership

• Nonprofit Corporation

• Shareholder

• Corporation

A form of corporation that serves the public interest and therefore is not primarily concerned with turning a profit.

• Nonprofit Corporation

• S Corporation

• C Corporation

• Sole Proprietorship

A form of business ownership that is the same as a standard corporation but with one difference: it can be taxed in the same way as a partnership.

• S Corporation

• Shareholder

• Limited Liability Partnership

• Corporation

The name given to a person who owns the corporation. Most corporations have more than one, and sometimes hundreds or thousands, of these.

• Shareholder

• General Partnership

• Corporation

• Sole Proprietorship