Types of Business Ownership

Aria is considering starting a business and wants to ensure that her personal assets are protected from any business liabilities. Which type of business ownership should she choose?

• Sole Proprietorship

• Partnership

• Corporation

• Cooperative

Michael runs a small bakery as a sole proprietorship. In this business structure, Michael has ____. A) Limited liability B) Unlimited liability C) No liability D) Shared liability.

• Limited liability

• Unlimited liability

• No liability

• Shared liability

Ava is planning to start a small bakery business. Which type of business ownership is most common for small businesses like hers?

• Corporation

• Partnership

• Sole Proprietorship

• Cooperative

Aiden and Arjun are starting a new business together. A partnership agreement is ____.

• Optional

• Required by law

• Only for corporations

• Only for sole proprietorships

Emma and Mason are planning to start a new business. What is the importance of understanding the advantages and disadvantages of various types of businesses?

• To make informed decisions

• To choose the best business type

• To avoid risks

• All of the above.

Fill in the blank: When Maya decided to start her own bakery, she chose a sole proprietorship because it is the ______ form of business ownership.

• most complex

• easiest and most popular

• least common

• most regulated

David has started a small bakery business as a sole proprietorship. Who is responsible for the business operations?

• The board of directors

• The sole owner

• The shareholders

• The government

Kai runs a small bakery as a sole proprietorship. Who receives the profits from the bakery?

• The government

• The owner

• The employees

• The partners

Priya has started her own bakery business. What is a characteristic of her sole proprietorship?

• Shared profits

• Limited liability

• Owner receives all profits

• Corporate tax

James owns a small bakery. What happens to the business if James dies without a will?

• It continues

• It dissolves

• It expands

• It is sold.