Forms of Business Organizations
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Questions and Answers

Which form of business organization is owned by one person?

  • Corporation
  • Cooperative
  • Partnership
  • Sole Proprietorship (correct)

Which form of business organization is most common in the Philippines?

  • Cooperative
  • Sole Proprietorship (correct)
  • Partnership
  • Corporation

Which form of business organization allows the owner to personally manage the business?

  • Partnership
  • Corporation
  • Cooperative
  • Sole Proprietorship (correct)

What are some examples of businesses that typically belong to the single proprietorship form of business organization?

<p>Retailers (D)</p> Signup and view all the answers

What are the advantages of a sole proprietorship?

<p>Ease of formation (A)</p> Signup and view all the answers

Which of the following is a characteristic of a limited partnership?

<p>All partners are liable to creditors. (A)</p> Signup and view all the answers

What is a requirement for the formation of a limited partnership?

<p>There must be formalities to comply with. (D)</p> Signup and view all the answers

Which of the following statements is true about a limited partner in a limited partnership?

<p>A limited partner's interest is not freely assignable. (D)</p> Signup and view all the answers

What is the main difference between a general partner and a limited partner in a limited partnership?

<p>A general partner is liable to creditors, while a limited partner is not. (C)</p> Signup and view all the answers

What is a characteristic of a limited partner's interest in a limited partnership?

<p>It cannot be freely assigned. (A)</p> Signup and view all the answers

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