ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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partnership
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corporation
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sole proprietorship
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monopoly
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Detailed explanation-1: -Limited liability partnerships are similar to limited partnerships, but give limited liability to every owner. An LLP protects each partner from debts against the partnership, they won’t be responsible for the actions of other partners.
Detailed explanation-2: -The corporate form of organization offers several advantages, including limited liability for shareholders, greater access to financial resources, specialized management, and continuity.
Detailed explanation-3: -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-4: -The sole proprietorship is personally liable for debts of the business. So that, the sole proprietorship has unlimited liability to repay amounts owing, or debts, of the business.