Ch.29 - Entities Flashcards
1
Q
What is an entity?
A
An organization
2
Q
What are the types of business entities?
A
-Sole proprietorship
-Partnership
-Corporation (stock holders are owners)
3
Q
Business entity where owner is fully responsible and has unlimited liability
A
Sole Proprietorship
4
Q
Business entity where both owners have unlimited liability
A
Partnership (indemnification)
5
Q
Owner has limited liability to only the assets of the business.
-Files documents with the state
A
Corporation
