The Most Common Form of Business Organization Is The

question 115

Multiple Choice

The most common form of business organization is the:

• A)general partnership
• B)corporation
• C)sole proprietorship
• D)cooperative
• E)limited partnership

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Definitions:

Written Lease Agreement

A contract documenting the terms and conditions under which one party agrees to rent property owned by another party.

Remainderman

In the context of property law, the person entitled to receive the estate once the prior estate interest, such as a life estate, has ended.

Fee Simple

The highest level of land ownership, providing the owner with absolute ownership of the property and the freedom to dispose of the property as they choose.

Life Tenant

A life tenant is an individual who has the right to use and benefit from a property during their lifetime, but does not own the property outright.