Business ownership types

Front

All of the following are business types EXCEPT: Sole proprietorship, Partnership, Cooperation, Corporation

Back

Cooperation

Front

This business is the easiest to form and the most common: Sole proprietorship, Partnership, Corporation, LLC

Back

Sole proprietorship

Front

If you were just starting a small business, not knowing if your product is viable, you may want to start as a

Back

Sole proprietorship

Front

Once your business has grown and you are making a substantial sum of money, you will likely want to transition to ________, which will provide you with asset protection and you can maintain personal ownership.

Back

LLC

Front

The term LLC stands for: _________ it helps to protect the owners assets from business debts.

Back

Limited Liability Company

Front

A corporation is run by _______ and owned by _____________.

Back

Board of directors; shareholders

Front

This type of business will die with its owner: Sole Proprietorship, Partnership, Corporation, LLC

Back

Sole Proprietorship

Front

This type of business is granted a 50 year lifespan once it is formed and filed, and can be renewed for 50 years at a time

Back

Corporation

Front

The type of business formation that lends itself most to disagreements is: Sole proprietorship, Partnership, Corporation, LLC

Back

Partnership

Front

All businesses should file documentation with their local governments to claim their business name.

Back

True