13. Legal Forms of Business Ownership--Small Business Entrepreneurship

The legal form of business ownership in which owners have limited personal accountability for the debts and dealings of the company is called a _____.

limited liability company

The legal form of business ownership that is the newest is a _____.

limited liability company

The legal form of business ownership that is owned by two or more people is called a _____.

partnership

The legal form of business ownership where the owners share everything equally is called a _____.

partnership

The legal form of business ownership that is owned by one person is called a _____.

sole proprietorship

The legal form of business ownership that is the most common is called a _____.

sole proprietorship

Which legal forms of business ownership does the government have little control of?

sole proprietorship partnership

The legal form of business ownership that is also known as a separate entity is called a _____.

corporation

The legal form of business ownership that issues shares of stock is called a _____.

corporation

The legal form of business ownership that is owned by many people is called a _____.

Corporation