Business Legal Structures Review
Authored by Sherriann Cosgrove
Other
9th Grade
Used 13+ times
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18 questions
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1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which two business structures are common to have only 1 owner?
Sole Proprietorship
Partnership
Limited Liability Company (LLC)
C Corporation
S Corporation
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does "sole" mean?
one
sun
sold
stole
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which business type is the EASIEST to create?
LLC
Sole proprietorship
Partnership
Nonprofit Entity
S Corporation
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Is unlimited liability a good thing or a bad thing?
good
bad
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does "unlimited liability" mean?
only the business's assets are at risk
your personal assets are also at risk
you have unlimited earning potential
you are not responsible for anything
6.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which businesses have unlimited liability?
Sole proprietorship
Partnership
S Corp
C Corp
LLC
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Can a partnership only have 1 owner?
Yes
No
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