Podcast
Questions and Answers
A corporation can act only through ______
A corporation can act only through ______
agents
A sole proprietorship has the owner in command of the whole ______
A sole proprietorship has the owner in command of the whole ______
business
Limited liability on the part of shareholders is a characteristic of a ______
Limited liability on the part of shareholders is a characteristic of a ______
corporation
In a partnership, control belongs to the ______ of the parties
In a partnership, control belongs to the ______ of the parties
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A partnership is created by mere ______ of the parties
A partnership is created by mere ______ of the parties
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A corporation requires at least 5 but not more than 15 ______
A corporation requires at least 5 but not more than 15 ______
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Unlike corporations, a sole proprietorship is not governed by a separate law that governs its __________, management, and activities.
Unlike corporations, a sole proprietorship is not governed by a separate law that governs its __________, management, and activities.
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Many sole proprietors do business under their own names because creating a separate business or trade name isn't __________.
Many sole proprietors do business under their own names because creating a separate business or trade name isn't __________.
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The liability of the owner in a sole proprietorship includes unlimited liability, meaning creditors may pursue the owner's personal __________ and property.
The liability of the owner in a sole proprietorship includes unlimited liability, meaning creditors may pursue the owner's personal __________ and property.
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In a sole proprietorship, there is no separation between the owner's personal and corporate affairs in the eyes of the __________.
In a sole proprietorship, there is no separation between the owner's personal and corporate affairs in the eyes of the __________.
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The assets and property of a sole proprietorship business may be pursued by creditors with whom the owner had acquired personal __________.
The assets and property of a sole proprietorship business may be pursued by creditors with whom the owner had acquired personal __________.
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The Law on Partnership is governed by the Civil Code of the __________.
The Law on Partnership is governed by the Civil Code of the __________.
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A ______ is an unincorporated business that has just one owner who pays personal income tax on profits earned from the business.
A ______ is an unincorporated business that has just one owner who pays personal income tax on profits earned from the business.
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A sole proprietorship is the oldest, simplest, and most prevalent form of ______ enterprise.
A sole proprietorship is the oldest, simplest, and most prevalent form of ______ enterprise.
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The sole proprietor is personally liable for all the debts and obligations of the ______.
The sole proprietor is personally liable for all the debts and obligations of the ______.
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The law merely recognizes the existence of a sole proprietorship as a form of ______ organization conducted for profit by a single individual.
The law merely recognizes the existence of a sole proprietorship as a form of ______ organization conducted for profit by a single individual.
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Partnership, corporation, and sole proprietorship are types of ______ organizations.
Partnership, corporation, and sole proprietorship are types of ______ organizations.
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A ______ is an unorganized business owned by one person.
A ______ is an unorganized business owned by one person.
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