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Questions and Answers
What type of business ownership provides limited liability for its owners/members?
What type of business ownership provides limited liability for its owners/members?
- Cooperative
- Corporation (correct)
- Sole proprietorship
- Partnership
What is the term used to refer to an activity or enterprise entered into for profit?
What is the term used to refer to an activity or enterprise entered into for profit?
- Enterprise
- Company
- Business (correct)
- Corporation
What type of business ownership is owned by one person and operates for their benefit?
What type of business ownership is owned by one person and operates for their benefit?
- Corporation
- Sole proprietorship (correct)
- Partnership
- Cooperative
Which business structure allows the proprietor to be personally taxed on all income from the business?
Which business structure allows the proprietor to be personally taxed on all income from the business?
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In which type of business ownership can creditors go after the owner's personal possessions if the business acquires debts?
In which type of business ownership can creditors go after the owner's personal possessions if the business acquires debts?
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