What Am I - Business Types Practice

I am owned by just one person who makes all the decisions and takes all the profits. What am I?​ (a)  

• Sole Proprietorship
• Corporation
• Franchise
• Limited Liability Corporation
• Partnership

I involve two or more people sharing ownership, responsibilities, and profits. What am I? (a)  

• Sole Proprietorship
• Corporation
• S Corporation
• Limited Liability Corporation
• Partnership

I have shareholders who own parts of the company, and we are managed by a board of directors. What am I?​ (a)  

• Sole Proprietorship
• Corporation
• S Corporation
• Limited Liability Corporation
• Partnership

I offer limited liability to my owners, and my income is taxed only once at the personal level. What am I? (a)  

• Sole Proprietorship
• Corporation
• S Corporation
• Limited Liability Corporation
• Partnership

I provide limited liability protection to my members, and I can choose how I want to be taxed. What am I?​ (a)  

• Sole Proprietorship
• Corporation
• Franchise
• Limited Liability Corporation
• Partnership

I allow someone to use a well-known brand and business model in exchange for fees and royalties. What am I? (a)  

• Sole Proprietorship
• Corporation
• Franchise
• Limited Liability Corporation
• Partnership

I am the simplest and easiest type of business to start, but my owner is personally liable for all debts. What am I? (a)  

• Sole Proprietorship
• Corporation
• Franchise
• Limited Liability Corporation
• Partnership

I require an agreement between my owners about how profits are shared and decisions are made. What am I? (a)  

• Sole Proprietorship
• Corporation
• Franchise
• Limited Liability Corporation
• Partnership

I require an agreement between my owners about how profits are shared and decisions are made. What am I? (a)  

• Sole Proprietorship
• Corporation
• Franchise
• Limited Liability Corporation
• Partnership

I require my owners to reach an agreement before making major decisions, and I dissolve if one partner leaves unless otherwise agreed. What am I? (a)  

• Sole Proprietorship
• Corporation
• Franchise
• Limited Liability Corporation
• Partnership