Forms of Legal Entities

What is the simplest form of legal entity?

• Limited liability company

• Corporation

• Sole proprietorship

• Partnership

In which type of legal entity is the owner personally liable for all debts and obligations?

• Limited Liability Company

• Corporation

• Sole Proprietorship

• Partnership

What is the term used for a legal entity formed by two or more individuals?

• LLC

• corporation

• sole proprietorship

• partnership

Which type of legal entity has shares that are freely traded on the stock exchange?

• Privately traded company

• Sole proprietorship

• Publicly traded company

• Limited liability partnership

What is the minimum number of members required to form a Public Limited Company?

• 10

• 5

• 3

• 7

Which type of legal entity restricts the transfer of shares and limits the number of shareholders?

• Sole Proprietorship

• Partnership

• Private Limited Company

• Public Limited Company

What is the term used for a legal entity where partners have limited liability?

• General Partnership

• Limited Liability Partnership (LLP)

• Full Liability Partnership

• Unlimited Liability Partnership

In which type of legal entity are the owners called 'partners'?

• LLC

• Sole Proprietorship

• Corporation

• Partnership

Indian Oil Corporation Ltd. , Bharat Petroleum Corporation Ltd. and State Bank of India are examples of

• sole proprietorship

• LLP

• Public limited companies

• partnership

Which type of legal entity is suitable for startups?

• Sole Proprietorship

• Limited Liability Company (LLC)

• Corporation

• General Partnership