WSU MBA 5300 Exam

WSU MBA 5300 Exam
Businesses can be classified into the following forms: a proprietorship, a partnership, a
corporation, a limited liability company (LLC), and a limited liability partnership (LLP).
Different forms of businesses have different characteristics. Which of the following
characteristics would apply to a corporation? Check all that apply.
Chartered by a state and is its own entity separate from its owners
Owners have limited liability
Has unlimited life
Easier to transfer ownership in the form of stock
Businesses can be classified into the following forms: a proprietorship, a partnership, a
corporation, a limited liability company (LLC), and a limited liability partnership (LLP).
Different forms of businesses have different characteristics. Which of the following
characteristics would apply to a limited liability company and a limited liability
partnership? Check all that apply.
Have corporate ownership structure
Owners have limited liability and right to vote
Limited financial liability
Taxed as a partnership
Ryan started a tutoring website. After a few months, a publishing company filed a
lawsuit against his company for copyright infringement. Ryan had to shut down his
business and lost all his personal assets in the process. What type of business is this?
Proprietorship
Richard founded and operated a wedding planning agency, which specialized in
celebrity weddings. When he died, his business was dissolved because there was no
plan for control after his death.
Proprietorship
Purple consulting has 5 consultants in the firm. The company's annual revenue is
around 500k. Income is distributed among all consultants and each is personally liable
for claims if the company goes under. What type of business is this?
Partnership

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