Forms of business ownerships and partnerships Flashcards
1
Q
A business that is owned, and usually managed, by one person.
A
Sole Proprietorship
2
Q
A legal form of business with two or more owners.
A
Partnership
3
Q
A legal entity with authority to act and have liability separate from its owners.
A
Corporation
4
Q
A partnership in which all owners share in operating the business and in assuming liability for the business’s debts.
A
General Partnership
5
Q
A partnership with one or more general partners and one or more limited partners.
A
Limited partnership
