Enterprise 0454 Types of Organizations

What type of organization is typically owned and operated by a single individual who assumes all the risks and rewards?

• Partnership

• Corporation

• Limited liability company

• Sole proprietorship

Which type of organization is characterized by having shared ownership, shared profits, and shared responsibilities among partners?

• Sole proprietorship

• Franchise

• Corporation

• Partnership

A company that has its shares traded on a stock exchange and is considered a separate legal entity from its owners is known as a:

• Sole proprietorship

• Partnership

• Public limited company

• Franchise

What type of organization is designed for businesses that want to maintain limited liability while enjoying the tax advantages of a partnership?

• Nonprofit organization

• Corporation

• Sole proprietorship

• Limited liability partnership

A charitable organization that exists to serve a specific cause or community without pursuing profits is called a:

• Sole proprietorship

• Partnership

• Nonprofit organization

• Corporation

Which type of organization is often associated with fast-food chains and allows individuals to operate their businesses using the parent company's brand and support?

• Sole proprietorship

• Partnership

• Corporation

• Franchise

A form of organization in which members pool their resources to achieve common goals, often seen in agriculture or credit unions, is known as a:

• Public limited company

• Cooperative

• Limited liability partnership

• Joint venture

What type of organization is designed for businesses that want to limit their liability but have the flexibility to distribute profits among members as they choose?

• Nonprofit organization

• Sole proprietorship

• Partnership

• Limited liability company

An organization formed by two or more parties for a specific business project is called a:

• Corporation

• Nonprofit organization

• Joint venture

• Sole proprietorship

What type of organization has 'Ltd' or 'Limited' in its name and indicates that the liability of its owners is limited to the amount they have invested in the company?

• Franchise

• Public limited company

• Nonprofit organization

• Corporation