BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which type of business organization has the following characteristics?is owned by 2 to 20 personhas unlimited liabilityhas no legal obligation to audit the accounts
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sole trader
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partnership
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company
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none of above
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Explanation:
Detailed explanation-1: -There are 4 main types of business organization: sole proprietorship, partnership, corporation, and Limited Liability Company, or LLC.
Detailed explanation-2: -Sole Proprietorship It is the simplest form of business organization. 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-3: -A business arrangement where private entrepreneurs purchase the rights to open and run a location of a larger company is known as: A franchise.
There is 1 question to complete.