Business Ownership

Which of the following is a key feature of a sole proprietorship?

• Shared ownership

• Limited liability

• Single owner and full control

• Corporate structure

Which of the following best describes a partnership?

• A business owned and operated by a single individual

• A business where partners share profits and liabilities

• A legal entity separate from its owners

• A type of business limited to government organizations

How is an LLP different from a traditional partnership?

• It has no legal status

• Partners have limited liability for business debts

• It does not require registration

• It does not allow profit sharing

What is the defining characteristic of a joint stock company?

• It is owned by a single individual

• Shareholders have unlimited liability

• Ownership is divided into shares

• It cannot be publicly traded

In a franchising agreement, the franchisor typically provides:

• Business model, trademark, and ongoing support

• Unlimited liability and capital funding

• Exclusive ownership of the franchise
  

• A separate legal entity for each franchise

Which of the following best defines leasing?

• Selling property for a fixed period

• Renting assets for temporary use

• Giving full ownership in exchange for monthly payments

• Trading services instead of goods