Florida State Business & Finance Exam Study Guide - Volume 1 - Section 1 (Business MGMT.) - Practice Test 1 with Complete Solutions

Florida State Business & Finance Exam Study Guide - Volume 1 - Section 1 (Business MGMT.) - Practice Test 1 with Complete Solutions Which type of business organization is taxed like a partnership but provides limited liability to the owner/operators of the business? - ANSWER Sub chapter "S" corporation When speaking of business organization, the term "continuity" means _________. - ANSWER The death of one or more people doesn't stop business. The form of business ownership in which the owner has all the legal rights to make the decisions for the business is called a ___________. - ANSWER Sole proprietorship. One of the greatest disadvantages to a sole proprietorship is ____________. - ANSWER The owner has unlimited personal liability. What is not a disadvantage of the corporation form of ownership? - ANSWER Exposure to personal liability.