Assessment of Skills and Knowledge (ASK) in Fundamental Business Concepts 2025 – 400 Free Practice Questions to Pass the Exam

Question: 1 / 400

Which of the following is not considered a type of business ownership?

Sole proprietorship

Limited liability company

A limited liability company (LLC) is indeed a recognized form of business ownership. It combines characteristics of both corporations and sole proprietorships/partnerships, offering liability protection to its owners while allowing for flexible taxation and management structures.

The types of business ownership include a sole proprietorship, where one individual owns and operates the business, a partnership, which involves two or more individuals who share ownership and responsibilities, and a corporation, a legal entity that is separate from its owners, providing limited liability and perpetual existence. Understanding these classifications is crucial as each type of ownership has its own implications for liability, taxes, and operational structure.

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Partnership

Corporation

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