1-10 Types of Business Ownership Business U Quiz

What are Articles of Incorporation?

• Documents filed with a governmental body to establish a corporation

• A type of partnership agreement

• A financial statement for a corporation

• A marketing strategy document

What is a Benefit Corporation (B Corp)?

• A corporation focused solely on maximizing shareholder value

• A corporation that considers public benefit in its decisions

• A corporation that only operates in the technology sector

• A corporation that is exempt from taxes

What is a C Corporation (C Corp)?

• A corporation that can sell unlimited shares of its stock to the public

• A corporation that is privately owned and not regulated

• A corporation that only operates in the healthcare sector

• A corporation that does not report financial information to the public

What defines a Corporation?

• A legal entity separate from its owners, controlled by a board of directors

• A small business owned by a single individual

• A partnership between two companies

• A non-profit organization

What is a General Partnership?

• A business structure where all partners have unlimited liability

• A corporation with limited liability

• A sole proprietorship with multiple owners

• A non-profit organization

What does Liability refer to?

• The legal responsibility for actions, debts, and obligations

• The ability to make business decisions

• The right to own property

• The power to hire employees

What is Limited Liability?

• The restriction of an individual’s potential loss to their investment amount

• The ability to make unlimited business decisions

• The right to own multiple businesses

• The power to hire and fire employees

What is a Limited Liability Company?

• A hybrid business structure with limited liability for investors

• A corporation with unlimited liability

• A sole proprietorship with multiple owners

• A non-profit organization

What is a Limited Liability Partnership?

• A hybrid business structure where partners have limited liability

• A corporation with unlimited liability

• A sole proprietorship with multiple owners

• A non-profit organization

What is a Limited Partnership?

• A business structure where some partners are not active and have limited liability

• A corporation with unlimited liability

• A sole proprietorship with multiple owners

• A non-profit organization