Quiz 2.11 Review

The picture most likely displays what type of business ownership?

• SOLE PROPRIETORSHIP

• PARTNERSHIP

• CORPORATION

• LLC

The liability a sole proprietor would have with their business is limited to how much insurance they carry.

• TRUE

• FALSE

Answer explanation

When there is one owner, they carry ALL the risk. Sole proprietors takes wins and losses directly.

GENERAL AND LIMITED PARTNERS HAVE THE SAME LIABILITY LEVELS??

• TRUE

• FALSE

• Not Sure

Answer explanation

General partners have liability. Limited partner-it depends on the agreement.

BOTH GENERAL PARTNERS AND SOLE PROPRIETORS HAVE THIS IN COMMON:

• ONLY 1 OWNER

• VOTING RIGHTS

• 2 OR MORE PARTNERS

• UNLIMITED FINANCIAL RESPONSIBILTY

BOTH GENERAL PARTNERS AND SOLE PROPRIETORS HAVE THIS IN COMMON:

• ONLY 1 OWNER

• VOTING RIGHTS

• 2 OR MORE PARTNERS

• UNLIMITED FINANCIAL RESPONSIBILTY

DID YOU MAKE A 100 ?

• YES

• NO

Answer explanation

Please review these notes again to ensure you will pass the quiz 2.11. Reach out to Ms. Harden with questions.

Have you checked your grades and turned in any missing assignments?

• Yes

• No

Answer explanation

Please check your grades and be sure to submit any overdue assignment! Reach out to Ms. Harden with any questions or concerns.