BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Provides owners with shared control, simple to establish
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Simple to set up, owner retains control
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Complex to setup, provides owners with shared control.
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Providers owners with shared control, unlimited liability
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Detailed explanation-1: -(b) Simple to set up and maintains control with the founder are features of a sole proprietorship. A sole proprietorship is an easily set up business that is managed by one individual, who is the owner or founder of the business.
Detailed explanation-2: -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-3: -Thus, a company may be defined as An incorporated association which is an artificial-person created by law, having a separate entity, with perpetual succession, a common seal, capital divided into transferable shares, and carrying limited liability.
Detailed explanation-4: -A company is a voluntary association of persons, recognised by law, having a distinctive name, a common seal, formed to carry on business for profit, with capital divisible into transferable shares, limited liability, a corporate body and perpetual succession.