Nature and Forms of Business Organizations Quiz

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10 Questions

In a joint venture, partners share only in profits but not in losses.

False

Corporations are not allowed to enter into partnerships.

False

The relationship of joint venture partners is primarily governed by the law on corporations.

False

A sole proprietorship has a separate legal personality from its owner.

False

Control and management of the business is not considered a factor in deciding the type of business organization.

False

Owners' liability for business debts and obligations is not a factor to consider when deciding on a business organization.

False

Partners are not personally responsible for the debts and obligations of a partnership.

False

Corporations can be either stock or non-stock entities.

True

Shareholders of a corporation are only responsible for the debts up to their capital contribution.

True

Joint ventures involve two or more entities uniting to form a new corporation.

False

Test your knowledge on the nature and forms of business organizations including sole proprietorship and partnership. Learn about the characteristics, legal implications, and registration procedures for different types of business structures.

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