A Business Owned by a Single Individual Is Called A

question 4

Multiple Choice

A business owned by a single individual is called a:

• A)corporation.
• B)sole proprietorship.
• C)general partnership.
• D)limited partnership.
• E)limited liability company.

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Definitions:

RULLCA

The Revised Uniform Limited Liability Company Act, which provides a comprehensive model act for the formation, operation, and dissolution of LLCs in the United States.

Default Rules

Default rules are legally established standards that apply when parties to a contract do not stipulate their own arrangements or when such arrangements are not legally enforceable.

LLC

Stands for Limited Liability Company, a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Limited Partnership

A business arrangement where one or more partners are liable only to the extent of their investment, while at least one partner has unlimited liability.