Forms of Business Organization

What is the simplest form of business organization?

• Corporation

• Sole Proprietorship

• Partnership

• Cooperatives

Which form of business organization has unlimited liability for its owners?

• Corporation

• Sole Proprietorship

• Partnership

• All of the above

A business owned by two or more people is called a

• Corporation

• Sole Proprietorship

• Cooperatives

• Partnership

Which business organization is often associated with franchising?

• Corporation

• Partnership

• Cooperatives

• Sole Proprietorship

A business entity that is not formed for profit is called a:

• Corporation

• Sole Proprietorship

• Partnership

• Non-Profit Organization

A sole proprietorship is a legal entity separate from its owner.

• True

• False

Corporations are subject to double taxation.

• True

• False

Partnerships are always formed by two or more individuals.

• True

• False

Cooperatives are typically owned and controlled by their members.

• True

• False

Franchises are always owned by a single individual.

• True

• False