23. In a limited partnership (LP), what role do limited partners typically play? A. They have full control of the business. B. They contribute capital but have limited involvement in management. C. They have unlimited personal liability D. They are responsible for all business debts. 24. Which form of business ownership offers owners limited liability, flexible management and pass- through taxation benefits? A. Corporation B. Sole proprietorship C. General partnership D. Limited liability company (LLC. 25. What is the primary disadvantage of a sole proprietorship in terms of raising capital? A. Limited access to external financing B. Complex tax reporting requirements C. Greater personal liability D. Difficulty in finding suitable business partners 26. In a corporation, what is the term for the individuals or entities who own shares of the company's stock? B. Shareholders C. Managers D. Partners 27. What is a key advantage of a corporation over other forms of business ownership? A. Limited liability for owners B. Unlimited personal liability for owners C. Pass-through taxation D. Simple and inexpensive formation process 28. Which form of business ownership is typically associated with a legal agreement known as an "Operating Agreement"? A. Partnership B. Sole proprietorship C. Corporation D. Limited liability company (LLC. 29. In a cooperative (co-op)business, who typically owns and controls the organization? A. A single individual B. A group of investors C. The employees and/or customers D. A board of directors 30. Which form of business ownership often requires compliance with the Securities and Exchange Commission (SEC. regulations? A. Corporation B . Partnership C. Sole proprietorship D. Limited liability company (LLC. 31. What is the primary characteristic that distinguishes a small business enterprise from a large corporation? A. Limited market reach B. Greater access to financial resources C. Smaller customer base D. Extensive product offerings 32. Which factor often plays a significant role in the success of small business enterprises? A. Access to abundant resources B. Entrepreneurial skills and innovation C. International expansion D. Business finance 33. In the context of small business management what is the term for the process of identifying and assessing potential risks? A. Risk mitigation D. Risk assessment