Forms of Legal Entities
Authored by Manusankar T
Business
12th Grade
Used 5+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the simplest form of legal entity?
Limited liability company
Corporation
Sole proprietorship
Partnership
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which type of legal entity is the owner personally liable for all debts and obligations?
Limited Liability Company
Corporation
Sole Proprietorship
Partnership
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term used for a legal entity formed by two or more individuals?
LLC
corporation
sole proprietorship
partnership
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the minimum number of members required to form a Public Limited Company?
10
5
3
7
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
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