Recap on Different types of business entities

What is a type of business entity that is owned and operated by one person?

• Partnership
• Corporation
• Sole proprietorship
• Limited liability company

Which type of business entity has owners known as shareholders?

• Sole proprietorship
• Limited liability company
• Corporation
• Partnership

What type of business entity has owners known as partners who share profits and losses?

• Corporation
• Sole proprietorship
• Limited liability company
• Partnership

Which business entity offers limited liability protection to its owners?

• Corporation
• Sole proprietorship
• Partnership
• Limited liability company

What type of business entity has a separate legal existence from its owners?

• Sole proprietorship
• Partnership
• Corporation
• Limited liability company

What type of business entity is not a separate legal entity from its owner?

• Corporation
• Limited liability company
• Partnership
• Sole proprietorship

Which type of business entity is considered a hybrid between a corporation and a partnership?

• Limited liability company
• Sole proprietorship
• Partnership
• Corporation

What business entity type is the most common and easiest to start?

• Partnership
• Limited liability company
• Sole proprietorship
• Corporation

What type of business entity must have articles of incorporation filed with the state?

• Limited liability company
• Partnership
• Corporation
• Sole proprietorship

Which business entity type has pass-through taxation, meaning profits and losses flow through to the owners' personal tax returns?

• Corporation
• Partnership
• Limited liability company
• Sole proprietorship