Corporations: Types, Advantages, Disadvantages & Examples


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Tyler is the sole owner and stockholder of the corporation, Tyler's Tires. Two years ago, Tyler's Tires hired Anna as the CEO. If Tyler dies, what happens to Tyler's Tires?

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1. What do you call the documentation that governs the corporation's activities?

2. What is the difference between an S-corporation and a C-corporation?

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About This Quiz & Worksheet

This quiz and printable worksheet can help assess your knowledge of corporations. You'll need to know different characteristics of a corporation in order to do well on the quiz.

Quiz & Worksheet Goals

This quiz and worksheet can help you assess your understanding of:

  • A document that governs a corporation's activities
  • Characteristics of a corporation
  • Primary difference between an S-corporation and a C-corporation
  • Number of shareholders an S-corporation can have while still being eligible for S-corporation status
  • Disadvantages of corporations

Skills Practiced

  • Reading comprehension - ensure that you draw the most relevant information from the related lesson on characteristics of corporations
  • Information recall - access the knowledge you have gained regarding the cons of corporations
  • Interpreting information - verify that you can read information regarding the differences between S-corporations and C-corporations and interpret it correctly

Additional Learning

To learn more about corporations, review the accompanying lesson called Corporations: Types, Advantages, Disadvantages & Examples. This lesson will help you:

  • Identify different types of corporations
  • Define perpetual existence
  • Learn the features of corporations
  • Determine roles for board of directors
  • Explain what bylaws are
  • Differentiate C-corporations and S-corporations