Types of Companies

What’s inside

• Which feature most clearly distinguishes a sole proprietorship from a corporation?
• Which description best fits a limited liability company (LLC)?
• In a general partnership, which statement is generally correct?
• What is a defining characteristic of a corporation?
• In a limited partnership, what normally distinguishes a limited partner from a general partner?
• Which ownership structure is most characteristic of a cooperative?
• A corporation can continue operating even if one of its shareholders sells their shares.
• In a sole proprietorship, the business owner normally has limited liability equal to that of a corporation.