BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The general partnership is the simplest and least expensive co-owned business structure to create and maintain. However, there are a few important facts you should know about the personal liability of general partners.

Detailed explanation-2: -There are several different types of partnerships, each with different characteristics, benefits, and possible disadvantages. A general partnership is the simplest form of a partnership. Generally, if a business is referred to simply as a “partnership, ” it is a general partnership.

Detailed explanation-3: -Sole Proprietorship Simplicity of organization-this is the most common form of business organization in the United States because it is the easiest and least expensive to establish.

Detailed explanation-4: -A sole proprietorship is the easiest and simplest form of business ownership. It is owned by one person. There is no distinction between the person and the business. The owner shares in the business’s profits and losses.

Detailed explanation-5: -Sole proprietorships are the simplest form of business structure and are easy and cheap to start due to few government rules. Proprietors enjoy full control and profits from the business but incur unlimited legal liability personally.