Classification & Legal Protection of Business Entities

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which business entity offers limited liability?

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

1. Which business entity does not offer limited liability?

2. Being owned by shareholders and having a state charter are characteristics of which business entity?

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

About This Quiz & Worksheet

There are many types of businesses and each one has various protections offered to it under the law. This quiz/worksheet combo will help test your understanding of how various types of businesses and their owners are legally protected. You'll be tested on areas that include types and liabilities of various business entities.

Quiz & Worksheet Goals

These assessments will test you on the following aspects of business entities:

  • Differences between an S-corporation and C-corporation
  • Legal protections offered to various types of businesses
  • When can a business owner be held personally liable

Skills Practiced

This quiz and worksheet will also allow you to practice:

  • Problem solving - use acquired knowledge to solve fact patterns regarding liabilities of various types of businesses
  • Defining key concepts - ensure that you can accurately define main phrases, such as limited liability
  • Distinguishing differences - compare and contrast topics from the lesson, such as S-corporations and C-corporations
  • Information recall - access the knowledge you've gained regarding liability of businesses
  • Knowledge application - use your knowledge to answer questions about various types of business entities

Additional Learning

Get more information on business entities by reviewing the lesson titled Classification & Legal Protection of Business Entities. The lesson includes these objectives:

  • Types of business entities
  • How various business entities can be held liable in lawsuits
  • Legal protections offered to different types of businesses
Support