Match each of the numbered definitions with the correct term in the following list. Write the letter of your choice in the answer column.
a. Articles of incorporation
b. Corporation
c. Duty of care
d. Duty of loyalty
e. Partnership
f. Joint venture
g. Limited liability company
h. Limited partnership
i. Sole proprietorship
j. Subchapter S
1. A relatively new organizational form available in most states that provides all of the owners with limited liability. 1. __________
2. A legal and ethical obligation placed upon a director to administer the affairs of the corporation with personal integrity, honesty, and candor. 2. __________
3. A business formed as a separate legal entity. 3. __________
4. A business owned and operated by one person. 4. __________
5. A business owned and operated by two or more persons. 5. __________
6. A legal document that lists the general powers of a corporation. 6. __________
7. A type of corporation that is taxed as a partnership. 7. __________
8. A legal and ethical obligation placed upon a director to act diligently and prudently in conducting the affairs of the corporation. 8. __________
9. A business in which there are one or more general partners and one or more limited partners. 9. __________
10. An activity in which individuals become partners for only a short period of time, or for only a single project. 10. __________

  • CreatedOctober 01, 2015
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