Types of Business Ownership Review

A corporation is known for protecting their shareholders from personal liability.

• True
• False

Which business is owned by one person and in charge of all the aspects of their business?

• Sole Propriertorship
• Partnership
• Partnership
• LLC

Which business organization is not always legally required to Pay and Register for Taxes?

• Sole Proprietorship
• Non-Profit
• Corporation
• LLC

Partnership is only two owners.

• True
• False

Which business organization has different legal obligations to follow based on their state?

• Sole Proprietorship
• Partnership
• Corporation
• LLC

Which form of business has many owners but when the owners change, the company does not dissolve.

• Sole Proprietorship
• Corporation
• Partnership
• LLC

Who gets all the profit in a sole proprietorship?

• The government
• The partners
• The one owner
• Stockholders

Which type of partnership has partners who are only investors?

• General Partnership
• Limited Partnership
• Limited Liability Partnership
• All of the above

Liability is being legally responsible for something

• True
• False

LLC is a form of business for people who want to protect _______________

• Their Employees
• Their Personal Assets
• Their Family
• Their Customers