Types of Business Ownership

All business partnerships are 50/50.

• True

• False

______ is the legal responsibility in business.

• Laws

• Liability

• Silent Partner

• Limited Liability Company

LLC's resemble a corporation and sole proprietorship.

• True

• False

A Nonprofit corporations is a company set up to accomplish a specific mission rather than generate a profit.

• True

• False

S corporations are intended for small businesses with fewer than 100 stockholders.

• True

• False

______________ is one who invests money, but is not involved in the business’ daily operations.

• Sole Proprietor

• Silent Partner

• Corporation

• Limited Liability Partnership

A manufacturing business buys products at wholesale price and sells the same at retail price.

• True

• False

All of the following are service businesses except:

• Repair Shops

• Retail Stores

• Banks

• Law Firms

________ is an intangible legal entity that can buy property, earn money, manufacture products, and pay taxes.

• Limited Liability Company

• Limited Liability Partnership

• Corporation

• Sole Proprietorship

The main purpose of a non-profit corporation would be _______.

• To make a profit.

• To find investors.

• To accomplish a mission.

• To pay taxes.