ME Types of Business Ownership

Which type of business ownership is a separate legal entity from its owners?

• Sole proprietorship
• Partnership
• Corporation

Which type of business ownership is the most complex?

• Sole proprietorship
• Corporation
• LLC

Which type of business ownership does not require any paperwork with the state or federal governments?

• Sole proprietorship
• Partnership
• Corporation
• LLC

Which type of business ownership allows the owner(s) to structure their business separately from their personal assets?

• Sole proprietorship
• Partnership
• LLC

Which type of business ownership requires a lawyer to officially exit the business?

• Sole proprietorship
• Partnership
• Corporation

Which type of business ownership requires that the owner use their own personal income for any damages or liabilities?

• Sole proprietorship
• Corporation

• LLC

Which type of business ownership requires that all parties enter into a legal agreement?

• Sole proprietorship
• Partnership
• Corporation

Which type of business ownership is the most common?

• Sole proprietorship
• Partnership
• LLC

Which type of business ownership involves shareholders?

• Sole proprietorship
• Corporation
• LLC