Match each of the numbered definitions with the correct term in the following list. Write the letter
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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. __________
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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