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Match the Terms with Their Definitions

Question 121

Matching

Match the terms with their definitions. Some terms may not be used.

Premises:
A document that specifies the size of the board of directors, the duties and responsibilities of directors and officers, the scheduling of regular meetings, voting rights, and restrictions on the transfer of stock
A form of corporation that creates a positive social or environmental impact while maintaining high standards of transparency and accountability
A type of corporation that offers limited liability to its owners and passes taxable income or losses on to the stockholders
A business owned by one person, who bears unlimited liability for the enterprise
An ordinary corporation taxed by the federal government as a separate legal entity
A partnership with at least one general partner and one or more limited partners
A form of corporation that shields owners from liability and is set up for individuals in certain professional practices
A document that establishes a corporation's existence
A legal entity formed by two or more co-owners to operate a business for profit
Liability on the part of an owner that extends beyond the owner's investment in the business
Responses:
professional corporation
corporate charter
corporate bylaws
sole proprietorship
S corporation
limited partnership
B corporation
advisory board
C corporation
unlimited liability
partnership

Correct Answer:

professional corporation
corporate charter
corporate bylaws
sole proprietorship
S corporation
limited partnership
B corporation
advisory board
C corporation
unlimited liability
partnership
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