Questions and Answers
What is a sole proprietorship?
A business owned and operated by a single person
What is a partnership in business?
A business owned by two or more individuals who share responsibilities, profits, and losses
What is a corporation in business?
A legal entity separate from its owners (shareholders)
What is a nonprofit organization?
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Which type of business offers limited liability protection to its owners?
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True or false: A sole proprietorship is a business owned and operated by multiple individuals?
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True or false: A partnership is a business owned by two or more individuals who share responsibilities, profits, and losses?
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True or false: A corporation is a legal entity that does not offer limited liability protection to its owners?
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True or false: Nonprofit organizations aim to make a profit and do not rely on donations?
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True or false: Nonprofit organizations are formed for charitable, educational, or social purposes?
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