Listed below are several statements regarding different forms of business organization.

Relate concepts to forms of business organization.

Instructions

For each statement, indicate if that statement is true or false for each of the forms of business organization by placing a T or an F in each column.

Proprietorship

Partnership

Publicly Traded

Corporation

a.Owners have limited liability.________

________

________

b.Records of the business are combined with

the personal records of the owner or owners.________

________

________

c.Required to follow IFRS.________

________

________

d.Pays income taxes on its profits.________

________

________

e.Owners are called "shareholders."________

________

________

f.Will have more than one owner.________

________

________

g.Has a limited life.________

________

________

h.Has a separate legal existence from its owners.________

________

________