Matching
Match the following with the descriptions below.
Premises:
A partnership in which the individual partners are liable only for their own actions and the actions of those individuals under their control.
A business owned by two or more individuals whose personal possessions are at risk if the business fails.
A situation in which the money invested in a corporation is at risk but investors'personal possessions are not at risk if the business fails.
A business entity owned by one person whose personal possessions are at risk if the business fails.
A business entity that is legally separate and distinct from its owners.
A situation whereby each partner has the power to act for all and legally obligate all partners.
The business entity eliminates the impact of unlimited liability for all the owners, does not limit the number of owners, and does not limit participation in the management of the firm.
A partnership composed of one or more general partners and one or more limited partners; only the general partners' personal possessions are at risk if the business should fail.
A small business corporation owned by no more that 75 individuals; is profits are taxed at the individual level rather than the corporate level.
Responses:
Limited Liability Partnership
Sole Proprietorship
Limited Liability
Mutual Agency
Limited Partnership
Partnership
Limited Liability Company
Corporation
S Corporation
Correct Answer:
Premises:
Responses:
A partnership in which the individual partners are liable only for their own actions and the actions of those individuals under their control.
A business owned by two or more individuals whose personal possessions are at risk if the business fails.
A situation in which the money invested in a corporation is at risk but investors'personal possessions are not at risk if the business fails.
A business entity owned by one person whose personal possessions are at risk if the business fails.
A business entity that is legally separate and distinct from its owners.
A situation whereby each partner has the power to act for all and legally obligate all partners.
The business entity eliminates the impact of unlimited liability for all the owners, does not limit the number of owners, and does not limit participation in the management of the firm.
A partnership composed of one or more general partners and one or more limited partners; only the general partners' personal possessions are at risk if the business should fail.
A small business corporation owned by no more that 75 individuals; is profits are taxed at the individual level rather than the corporate level.
Premises:
A partnership in which the individual partners are liable only for their own actions and the actions of those individuals under their control.
A business owned by two or more individuals whose personal possessions are at risk if the business fails.
A situation in which the money invested in a corporation is at risk but investors'personal possessions are not at risk if the business fails.
A business entity owned by one person whose personal possessions are at risk if the business fails.
A business entity that is legally separate and distinct from its owners.
A situation whereby each partner has the power to act for all and legally obligate all partners.
The business entity eliminates the impact of unlimited liability for all the owners, does not limit the number of owners, and does not limit participation in the management of the firm.
A partnership composed of one or more general partners and one or more limited partners; only the general partners' personal possessions are at risk if the business should fail.
A small business corporation owned by no more that 75 individuals; is profits are taxed at the individual level rather than the corporate level.
Responses:
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