BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Susie is starting her own lemonade store. What economic term would best describe Susie and what does that term mean? Consumer – a person who uses or consumes goods. Partnership – partner in the lemonade stand. Entrepreneur–person who takes a risk to start a new company.

Detailed explanation-2: -A sole proprietorship is a non-registered, unincorporated business run solely by one individual proprietor with no distinction between the business and the owner. The owner of a sole proprietorship is entitled to all profits but is also responsible for the business’s debts, losses, and liabilities.

Detailed explanation-3: -The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a business structure allowed by state statute.

Detailed explanation-4: -A partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities. In a general partnership company, all members share both profits and liabilities.

Detailed explanation-5: -Corporations offer the strongest protection to its owners from personal liability, but the cost to form a corporation is higher than other structures. Corporations also require more extensive record-keeping, operational processes, and reporting.