FINALS - FORMS OF BUSINESS OWNERSHIP

Question 1

is a business owned and operated by a single person.

Answer 1

Sole Proprietorship

Question 2

Majority of businesses are owned by _____

Answer 2

sole proprietors

Question 3

• is a legal association of two
  or more persons as co-owners
  of an unincorporated business.

Answer 3

Partnership

Question 4

is a document
designed to
prevent or at
least minimize
disagreements
between
partners.

Answer 4

PARTNERSHIP AGREEMENT

Question 5

An association of two
or more persons each
with unlimited liability,
and who are actively
involved in the
business.

Answer 5

General Partnership

Question 6

An arrangement in
which the liability of
one or more partners is
limited to the amount
of assets they invested
in the business.

Answer 6

Limited Partnership

Question 7

is a legally chartered
enterprise with most of the legal
rights of person, including the right
to conduct a business, to own and
sell property, to borrow money, and
to sue and to be sued.

Answer 7

Corporation

Question 8

➢Corporations are
owned by_____.

Answer 8

stockholders

Question 9

➢They are issued
certificates of
ownership called
______.

Answer 9

STOCKS