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Match Each Statement Below to a Sole Proprietorship (S), Partnership

Question 173

Matching

Match each statement below to a sole proprietorship (S), partnership (P), or corporation (C). You may use more than one business organization for an answer.

Premises:
Separate economic unit
Life limited by death of owner(s)
Separate legal entity
Unlimited liability of owner(s)
Separation of ownership and control
Transfer of ownership does not affect the continuity of business.
Ownership evidenced by stock certificates
Responses:
sole proprietorship (S)
partnership (P)
corporation (C)

Correct Answer:

Separate economic unit
Life limited by death of owner(s)
Separate legal entity
Unlimited liability of owner(s)
Separation of ownership and control
Transfer of ownership does not affect the continuity of business.
Ownership evidenced by stock certificates
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