Business Law II - Chapter 35 Forms of Business Organization Name Date Fill in cach blank with the exact legal term. 1. A business organization in which the owner has total control and unlimited personal liability is known as a 2. (True False) Opening a sole proprietorship requires many legal formalities. 3. In this type of partnership, the partners divide the profits (usually equally) and the management responsibilities and share unlimited personal liability for debts. 4. A partnership in which all partners are liable only to the extent of the partnership's assets is known as a 5. The most dominant form of business organization is the a legal entity formed by selling shares of stock to investors who then become shareholders and the of the company 6. True False) A corporation and its shareholders can be sued and can be held liable for the corporations debts. 7. (True False) A joint venture is a relationship created between two or more persons or corporations for a specific undertaking. 8. A business trust is a business organization governed by a group of 9. A is a business that exists because of an arrangement between an owner of a trade name or trademark and a person who sells goods or Services under the trade name or trademark. 10. (True False) The death of a general partner usually terminates a limited partnership (LP)