Business Entity Quiz

Which business entity form usually does not require governmental filing or any other documentation other than sometimes a business name statement?

• Limited Partnership

• Sole Proprietorship

• Limited Liability Company (LLC)

• General Partnership

Which business entity form allows each partner to have unlimited liability with respect to the partnership and the partnership debts?

• Limited Partnership

• Limited Liability Partnership (LLP)

• General Partnership

• Limited Liability Limited Partnership (LLLP)

Which business entity form requires filing of a certificate of limited partnership with the state?

• Limited Partnership

• Limited Liability Limited Partnership (LLLP)

• General Partnership

• Limited Liability Partnership (LLP)

Which business entity form enables partners to limit their liability for the misconduct of other partners?

• Limited Liability Partnership (LLP)

• General Partnership

• Limited Liability Limited Partnership (LLLP)

• Limited Partnership

Which business entity form combines the benefit of partnership laws with the benefit of corporation laws?

• General Partnership

• Limited Liability Company (LLC)

• S Corporation

• Limited Partnership

Which business entity form is a separate legal entity from its owners and/or managers?

• Limited Liability Company (LLC)

• Sole Proprietorship

• Corporation

• General Partnership

Which business entity form has ownership of corporate shares that is easily transferable?

• General Partnership

• Corporation

• Limited Liability Company (LLC)

• S Corporation

Which business entity form allows shareholders to avoid double taxation on the corporate income?

• Sole Proprietorship

• Corporation

• Limited Liability Company (LLC)

• S Corporation

Which business entity form must have only allowable shareholders who may be individuals, certain trusts, and estates but may not be partnerships, other corporations, or non-resident alien shareholders?

• Corporation

• Sole Proprietorship

• Limited Liability Company (LLC)

• S Corporation

Which business entity form is subject to double taxation unless it elects to be treated as an S corporation?

• Sole Proprietorship

• Corporation

• Limited Liability Company (LLC)

• S Corporation