Question: From the list provided, choose the answer that best fits for each of the three most common forms of business organizations. ProprietorshipPartnershipCorporation What do we

From the list provided, choose the answer that best fits for each of the three most common forms of business organizations.

ProprietorshipPartnershipCorporationWhat do we call the owner or owners?

Shareholders

Partners

Proprietor

Shareholders

Proprietor

Partners

Shareholders

Partners

Proprietor

How many owners for the business?

One or more

One

Two or more

One or more

One

Two or more

One

One or more

What is the owners' personal liability for the business?

Unlimited

Limited

Unlimited

Limited

Unlimited

Limited

Is the business private or public?

Private

Usually private

Private or public

Private

Private or public

Usually private

Private

Usually private

Private or public

Who pays tax on the profits?

Paid by the corporation

Paid by the owner(s)

Paid by the partners

Paid by the corporation

Paid by the partners

Paid by the owner(s)

Paid by the partners

Paid by the owner(s)

Paid by the corporation

What is the life of the organization?

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