1-10 Types of Business Ownership Quiz

The legal responsibility of an individual (or entity) for actions, debts, and obligations.

• Corporation
• Sole Proprietorship
• Partnership
• Liability

A business owned by one person, and where the owner has unlimited liability.

• Corporation
• Sole Proprietorship
• Partnership
• Liability

The type of liability where a business owner is personally responsible for all the debts and obligations of the business.

• Shared Liability

• Joint Liability

• Unlimited Liability

• Limited Liability

A business structure where one or more of the partners are not active, have no decision-making power, and are limited in their liability to the amount they invested.

• Limited Partnership
• Partnership Agreement
• Unlimited Liability
• Limited Liability

A legal document that outlines the rights, responsibilities, and obligations of the individuals involved in a partnership.

• Limited Partnership
• Partnership Agreement
• Unlimited Liability
• Limited Liability

The liability restricts an individual’s potential loss to the total amount of their investment in a company.

• Limited Partnership
• Partnership Agreement
• Unlimited Liability
• Limited Liability

A business owned by two or more people.

• Corporation
• Sole Proprietorship
• Partnership
• Liability

The liability that extends beyond an individual’s financial investment in a company.

• Limited Partnership
• Partnership Agreement
• Unlimited Liability
• Limited Liability

A legal entity that is separate from its owners and controlled by a board of directors; the entity has most of the same rights and responsibilities that individuals possess but offers limited liability.

• Corporation
• Liability
• General Partnership
• Sole Proprietorship

A partnership where all partners share equal responsibility and liability for the management and debts of the business.

• General Partnership

• Corporation

• Limited Liability Company

• Limited Partnership