Business Forms and Types

The three main type of businesses are:

• service, manufacturing, & hybrid
• service, manufacturing, & LLC's
• service, manufacturing, & merchandising
• manufacturing, merchandising & hybrid

A _________________________ business combines raw materials, labor, and factory overhead into the production of products.

• merchandising
• manufacturing
• sole proprietorship
• partnership

A corporation's ownership is represented by ______________________.

• corporation papers
• the partners in the business
• shares of stock
• customers using their services

LLC stands for Limited Language Corporation.

• True
• False

A hair salon could be a sole proprietorship, a partnership, or a corporation.

• True
• False

This type of business is owned by two or more people.

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

This type of business is owned by one person.

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

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

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

This type of business is a contractual agreement with a parent company to sell its products/services in an area.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

McDonald's and Burger King are examples of....

• Sole Proprietorships
• Partnerships
• Corporations
• Franchises