Introductory Business Law CLEP Prep Practice Exam

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Prepare for the CLEP Business Law Exam with flashcards and multiple-choice questions. Each question comes with hints and explanations to help you succeed. Master the content and pass your exam!

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Which of the following is considered a form of business organization?

Limited Partnership
Worker's Co-operative
Sole Proprietorship
Parent Company

The correct answer is: Sole Proprietorship

A Limited Partnership and Parent Company are specific types of partnerships and companies respectively that involve more than one person. A Workers Co-operative is a type of organisation where employees collectively run the business. Therefore, none of those options are considered a form of business organization and are therefore incorrect. The correct option is Sole Proprietorship, which is a business organization owned and run by one person.