Walmart is owned by people who hold shares, and those shareholders elect a board to oversee the company. Walmart is a:

A local McDonald's restaurant is owned by an operator who pays McDonald's fees and royalties to use its brand and system. The restaurant is a:

REI is owned by its customers who buy memberships; member-owners can vote in board elections. REI is a:

Habitat for Humanity International uses donations and surplus to build housing and is recognized by the IRS as a 501(c)(3). It is a:

A real estate fund has one managing owner who is personally liable for all its debts, plus 20 investors who take no part in running it and can lose only what they invested. It is a:

At PwC's US firm, the partners registered the firm with the state so each one is shielded from personal liability for other partners' mistakes. It is a:

Mars has stock owned privately by the Mars family, not the public, but its owners hold shares in a separate legal entity. Mars is a:

State papers for a bike repair shop name Ava and Liam as members, and their operating agreement says how profits are split. The form is:

A new app business files state papers creating shares of stock; its bylaws say shareholders elect the board. The form is:

A tutoring program receives IRS 501(c)(3) recognition and must use surplus for its education mission instead of paying owners. The form is:

One owner files state papers making her catering business a separate legal entity, and by default its profits are reported on her personal tax return. The form is:

The county business license lists only Nina as owner, and she filed no paperwork creating a separate legal entity. The form is:

A sandwich shop sends 6% of every month's sales to the brand owner and paid an upfront fee to use the brand's system. The shop is a:

A private landscaping service has one owner who keeps all profit after expenses and reports the business income on her personal tax return. It is a:

Two dentists split profits according to their written agreement, and each reports a share of business income on a personal tax return. The practice is a:

A grocery owned by shoppers returns extra earnings to member-owners based on how much they bought there during the year. It is a:

A youth theater earns more ticket revenue than it spends, but its charter requires the surplus to fund future plays, not dividends. It is a:

Investors buy stock in a company, and the board may pay them dividends when profits are available. The business is a:

A one-person pet-sitting business closes owing $9,000, and creditors can collect from the owner's personal savings. It was a:

A two-owner repair shop has no limited-liability filing; when it cannot pay a supplier, either owner can be held personally responsible for the full debt. It was a:

In a film venture, an investor who did not manage the project can lose only the $5,000 she invested, while the managing owner bears more risk. It is a:

A design studio closes with unpaid rent; its members lose their investments, but the landlord cannot take their personal cars to collect. It was a:

At a bakery, the single owner alone chooses prices, hiring, and hours without needing approval from co-owners or a board. It is a:

Three architects jointly own their firm, and each has an equal voice in daily management under their agreement. The firm is a:

In a dairy business, each member farm casts one vote at the annual meeting no matter how much milk it supplied. The business is a: