What Is a Business Organization? - Structure, Types & Examples


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question 1 of 3

Which of the following is NOT a major factor when an entrepreneur is choosing the type of business organization to form?

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1. John and Mark have opened a law firm through a general partnership agreement. They have been solid friends since law school. However, if times get tough and Mark runs out on the practice, is John protected by the partnership arrangement against the partnership debts?

2. Which business entity affords its owner(s) the limited liability benefits of a corporation and the flexibility of a general partnership?

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About This Quiz & Worksheet

This quiz and worksheet can help you assess your knowledge of business organizations. You will be quizzed on the different types of business entities.

Quiz & Worksheet Goals

Use this quiz and worksheet to review:

  • Considerations when selecting to form a business organization
  • Types and characteristics of business organizations
  • Flow-through entities

Skills Practiced

This quiz and corresponding worksheet can help you practice the following skills:

  • Information recall - access the knowledge you have gained regarding business organizations
  • Knowledge application - use your knowledge to answer questions about characteristics of business organizations
  • Defining key concepts - ensure that you can accurately define main phrases, such as flow-through entity

Additional Learning

Take a look at the lesson named What is a Business Organization? - Structure, Types & Examples to explore this subject in more detail. This lesson will help you:

  • Determine why forming the right business entity is important
  • Review the different types of business organizations
  • Identify characteristics of corporations
  • Explain benefits of forming a limited liability company