BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Sole proprietorship
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General Partnership
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Corporation
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Limited partnership
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Detailed explanation-1: -Partnership liability is major risk This means that you have unlimited, personal liability for all of the businesses debts, including the acts of employees. In addition, in a general partnership, you also have unlimited, personal liability for the acts of all of the other owners.
Detailed explanation-2: -Business ownership can take one of three legal forms: sole proprietorship, partnership, or corporation. It is important to select the most appropriate form of ownership that best suits your needs and the needs of your business.
Detailed explanation-3: -Limited partnerships (LPs) and limited liability partnerships (LLPs) are both businesses with more than one owner, but unlike general partnerships, limited partnerships and limited liability partnerships offer some of their owners limited personal liability for business debts.