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FM-116 Chapter 6 Study Questions and Correct Answers $8.99   Add to cart

Exam (elaborations)

FM-116 Chapter 6 Study Questions and Correct Answers

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  • Course
  • FM 116
  • Institution
  • FM 116

What is a sole proprietorship? A form of business ownership with a single owner who actively manages the company What is a partnership? A voluntary agreement under which two or more people act as co-owners of a business for profit What is a general partnership? A partnership which all partners ca...

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  • August 3, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • FM 116
  • FM 116
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FM-116 Chapter 6 Study Questions and
Correct Answers
What is a sole proprietorship? ✅A form of business ownership with a single owner who
actively manages the company

What is a partnership? ✅A voluntary agreement under which two or more people act
as co-owners of a business for profit

What is a general partnership? ✅A partnership which all partners can take active role
in managing the business and have unlimited liability for any claims against the firm

What is a corporation? ✅A form of business ownership in which the business is
considered a legal entity that is separate and distinct from its owners

What are the articles of incorporation? ✅The document filed with a state government
to establish the existence of a new corporation

What is limited liability? ✅When owners are not personally liable for claims against
their firms. Owners with limited liability may lose their investment in the company, but
their other personal assets are protected

What is limited liability company (LLC)? ✅A form of business ownership that offers
both limited liability to its owners and flexible tax treatment

What is a limited partnership? ✅A partnership that includes at least one general
partner who actively manages the company and accepts unlimited liability and one
limited partner who gives up the right to actively manage the company in exchange for
limited liability

What is a limited liability partnership (LLP)? ✅A form of partnership in which all
partners have the right to participate in management and have limited liability for
company debts

What is a C corporation? ✅The most common type, which is a legal business entity
that offers limited liability to all its owners (stockholders)

What is a stockholder? ✅An owner of a corporation

What are corporate bylaws? ✅The basic rules governing how a corporation is
organized and how it conducts business

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