Types of Businesses

Which business is a group organized for purposes other than making a profit?

• Sole Proprietorship

• Limited Liability Company

• Partnership

• Non Profit

A business entity that is owned by its shareholder(s) and who elects a board of directors to oversee the organization's activities is called

• Sole Proprietorship

• Non profit

• Corporation

• Partnership

A business where two or more people share ownership is called a

• Partnership

• Corporation

• Limited Liability Company

• Sole Proprietorship

A business owned by one person is called a

• Partnership

• Corporation

• Limited Liability Company

• Sole Proprietorship

Which business type offers pass through taxation?

• Sole Proprietorship

• Limited Liability Company

• Corporations

• Partnership

Which business structure offers limited liability protection?

• Sole Proprietorship

• Limited Liability Company

• Partnership

• Corporation

Which business type has perpetual life?

• Sole Proprietorship

• Corporation

• Partnership

• Limited Liability Company

Transfer of ownership is allowed in which type of business?

• Non Profit

• Sole Proprietorship

• Partnership

• Corporation

All profits remain in the business in this business type

• Non Profit

• Sole Proprietorship

• Partnership

• Corporation

This type of business is tax exempt

• Partnership

• Non Profit

• Sole Proprietorship

• Corporation