Question 1

________ is a special type of limited partnership in which all partners who, in many states must be considered to be professionals, are limited partners.

Accepted Answer

A) Limited liability partnership (LLP) 
B) Master limited partnership (MLP) 
C) General partnership 
D) Limited partnership 
A) Limited liability partnership (LLP) 
B) Master limited partnership (MLP) 
C) General partnership 
D) Limited partnership

Question 2

A limited liability company ________.

Accepted Answer

A) is similar to an S corporation in that it is a cross between a partnership and a corporation 
B) prevents owners who want to maintain their limited liability status from actively managing the company 
C) can have a maximum of 50 owners 
D) All of the above 
A) is similar to an S corporation in that it is a cross between a partnership and a corporation 
B) prevents owners who want to maintain their limited liability status from actively managing the company 
C) can have a maximum of 50 owners 
D) All of the above

Question 3

The most common form of business ownership that is also the simplest to create is the ________.

Accepted Answer

A) sole proprietorship 
B) partnership 
C) corporation 
D) S corporation 
A) sole proprietorship 
B) partnership 
C) corporation 
D) S corporation

________ is a special type of limited partnership in which all partners who, in many states must be considered to be professionals, are limited partners.

A limited liability company ________.

The most common form of business ownership that is also the simplest to create is the ________.

The Foundations of Entrepreneurship

Ethics and Social Responsibility: Doing the Right Thing

Creativity and Innovation: Keys to Entrepreneurial Success

Conducting a Feasibility Analysis and Designing a Business Model

Crafting a Business Plan and Building a Solid Strategic Plan

Buying an Existing Business

Franchising and the Entrepreneur

Building a Powerful Bootstrap Marketing Plan

E-Commerce and the Entrepreneur

Pricing and Credit Strategies

Creating a Successful Financial Plan

Managing Cash Flow

Choosing the Right Location and Layout

Sources of Financing: Equity and Debt

Global Aspects of Entrepreneurship

Building a New Venture Team and Planning for the Next Generation

Filters

Exam 6: Forms of Business Ownership

________ is a special type of limited partnership in which all partners who, in many states must be considered to be professionals, are limited partners.

A limited liability company ________.

The most common form of business ownership that is also the simplest to create is the ________.

The Foundations of Entrepreneurship

Ethics and Social Responsibility: Doing the Right Thing

Creativity and Innovation: Keys to Entrepreneurial Success

Conducting a Feasibility Analysis and Designing a Business Model

Crafting a Business Plan and Building a Solid Strategic Plan

Buying an Existing Business

Franchising and the Entrepreneur

Building a Powerful Bootstrap Marketing Plan

E-Commerce and the Entrepreneur

Pricing and Credit Strategies

Creating a Successful Financial Plan

Managing Cash Flow

Choosing the Right Location and Layout

Sources of Financing: Equity and Debt

Global Aspects of Entrepreneurship

Building a New Venture Team and Planning for the Next Generation

Filters