Business Chapter 2

Which of the following types of business ownership have unlimited liability?

• Sole Proprietorship and Partnership

• Corporations

• Limited liability Partnership

A business owned and operated by one person - responsible for all operations of the business and assumes all the risks

• Sole Proprietorship

• Partnership

• Corporation

• Co-operatives

• Franchise

A form of business organization in which two or more people own and operate the business together

• Sole Proprietorship

• Partnership

• Corporation

• Co-operatives

• Franchise

A legal entity that exists independently of its owners, who are called shareholders

• Sole Proprietorship

• Partnership

• Corporation

• Co-operatives

• Franchise

Businesses owned and operated by a group of people with strong common interest. The startup costs are shared among the members.

• Sole Proprietorship

• Partnership

• Corporation

• Co-operatives

• Franchise

A business established or operated under an authorization to sell or distribute a company's goods or services in a particular area

• Sole Proprietorship

• Partnership

• Corporation

• Co-operatives

• Franchise

Can have up to 50 shareholders (shares are not offered to the public)

• Private corporation

• Public corporation

• Crown corporation

• Non-profit corporation

No restrictions on numbers of shareholders; shares are bought and traded (sold) on stock exchanges

• Private corporation

• Public corporation

• Crown corporation

• Non-profit corporation

Are owned by governments

• Private corporation

• Public corporation

• Crown corporation

• Non-profit corporation

Are not organized to make a profit

• Private corporation

• Public corporation

• Crown corporation

• Non-profit corporation