Business and Personal Law

Chapter 16: Forms of Business

Self Check Answers

Section 16.1

1. form of business owned and operated by one person
2. association of two or more persons to carry on as co-owners of a business for profit
3. a partnership having one or more general partners and one or more limited partners

Section 16.2

1. legal entity formed by law; distinct from its owners
2. public corporations – formed by towns, cities, or other public organizations; private corporations – privately owned, may be for profit or nonprofit
3. hybrid form of business that merges corporate protection of limited liability with single taxation of a partnership