Types And Basic Features of Business Enterprises/Organisations - SS1 Economics Past Questions and Answers - page 1
Which type of business has unlimited liability for the owner?
Corporation
Limited Liability Company
Sole Proprietorship
Partnership
Which type of business is owned by shareholders?
Corporation
Limited Liability Company
Sole Proprietorship
Partnership
Which type of business combines the benefits of a corporation and a partnership?
Corporation
Limited Liability Company
Sole Proprietorship
Cooperative
Which type of business is owned and operated by a group of individuals who share the profits and have a say in the management of the business?
Corporation
Limited Liability Company
Sole Proprietorship
Cooperative
Which type of business has partners who share the profits and losses of the business?
Corporation
Limited Liability Company
Sole Proprietorship
Partnership
What is a sole proprietorship?
A business owned and operated by a single individual. The owner has unlimited liability for the business and takes all the profits.
What is a corporation?
A business owned by shareholders who have limited liability for the debts of the business.