BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -(ii) Limited Partnership: In limited partnership, the liability of at least one partner is unlimited whereas the rest may have limited liability. Such a partnership does not get terminated with the death, lunacy or insolvency of the limited partners.

Detailed explanation-2: -Sole proprietorship Sole proprietorships do not produce a separate business entity. This means your business assets and liabilities are not separate from your personal assets and liabilities. You can be held personally liable for the debts and obligations of the business.

Detailed explanation-3: -Proprietorships have no existence apart from the owners. The liabilities associated with the business are the personal liabilities of the owner, and the business terminates upon the proprietor’s death.

Detailed explanation-4: -The legal life of a corporation is perpetual. Corporations are a separate legal entity from the owners or shareholders, and as long as the corporation is in legal status, it is considered active. Legal status includes: Continuity of life.

Detailed explanation-5: -An s corporation also known as subchapter S-corporation offers limited liability to the owners.