NEW
Font size
WorksheetsForms of Business Organization
Total questions: 15
Worksheet time: 3mins
It is an artificial being created by the operation of law, having right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence is called_________.
Cooperative
Corporation
Partnership
Sole Proprietorship
A document which includes the name, objectives, powers, and registered address of a corporation is called ______.
Constitution of Corporation
By-laws of corporation
Articles of Incorporation
Articles of Partnership
Tony and Alex own a saloon together. They share equal responsibility and each receive 50% of the profits. What form of business organization is this?
Sole Proprietorship
Partnership
Corporation
Cooperative
How is a general partnership organized?
Every partner shares equally in both responsibility and liability
The doctors, lawyers, or accountants who form a general partnership hire others to run the partnership
No partner is responsible for the debts of the partnership beyond his or her investment
Only one partner is responsible for the debts of the partnership
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
Sole Proprietorship
Partnership
Corporation
Cooperative
The owners of a corporation are called
Directors
Partners
Shareholders
Founders
Owners of this type of organization enjoy limited liability.
Sole proprietorship
Partnership
Corporation
Franchise
