Which of the Following Forms of Organization Requires No Formal

question 16

Multiple Choice

Which of the following forms of organization requires no formal documentation but only business licenses for formation?

• A) l imited partnership
• B) corporation
• C) limited liability company
• D) sole proprietorship
• E) S corporation

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Definitions:

Estimated

An approximate calculation or judgment of the value, number, quantity, or extent of something.

Workers' Compensation

Coverage that delivers healthcare benefits and substitutes income for workers injured during their employment tasks.

Premium Cost

The additional amount paid over the normal cost for something, often for insurance or for acquiring a financial instrument before maturity.

Internal Control

Systems and processes implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.