Types of Business Entities

What is the simplest form of business organization where a single individual owns and operates the business?

• Partnership

• Corporation

• Sole Proprietorship

• Limited Liability Company

Which type of business entity involves two or more individuals who agree to share profits and losses?

• Sole proprietorship

• Partnership

• Limited liability company

• Corporation

What type of business structure is considered a separate legal entity from its owners?

• Corporation

• Partnership

• Sole Proprietorship

• Limited Liability Company

Which business entity allows an individual or group to use the rights to a business name, logo, and products?

• Trademark

• Copyright

• Franchise

• Patent

What type of business entity combines the limited liability feature of a corporation with the tax benefits of a partnership?

• Limited Liability Company (LLC)

• Limited Liability Partnership (LLP)

• Sole Proprietorship

• General Partnership

In a sole proprietorship, who is personally responsible for all debts and liabilities of the business?

• Owner

• Customers

• Manager

• Investors

What is the term used to describe the agreement between partners that outlines the responsibilities and obligations of each partner?

• Partnership Contract

• Partnership Agreement

• Collaboration Pact

• Alliance Accord

Which type of business entity is owned and operated by a single person without any formalities or legal requirements?

• Sole Proprietorship

• Solo Company

• Single Enterprise

• Individual Business

What is the term used to describe the process of selling the rights to operate a business or sell products under a particular brand?

• Distribution

• Merchandising

• Licensing

• Franchising

Which business entity is known for its flexibility in management and taxation while providing limited liability protection to its owners?

• Limited Liability Company (LLC)

• Partnership

• Sole Proprietorship

• Corporation