ENTREPRENEURIAL OPPORTUNITIES
IDENTIFYING AND EVALUATING BUSINESS OPPORTUNITIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A business that needs to have Secretary and Auditor.
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A business that can raise capital from individuals or investment companies for further expansion.
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A business entity that is solely owned, funded and managed by one owner only.
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A business which combines the characteristics of a company and a conventional partnership.
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Detailed explanation-1: -The correct choice is Option A. Members are not individually accountable for the debts of the entity. Explanation: A limited liability company (LLC) is defined as an entity that has the combination of the features of a company and a partnership or one person entity.
Detailed explanation-2: -The LLP has characteristics similar to a general partnership (GP), but has limited liability protections similar to that of a limited liability company (LLC). The main characteristics of an LLP are creation, maintenance, continuity, ownership, control, personal liability, compensation, and taxation.
Detailed explanation-3: -Limited liability partnership (LLP) is a type of general partnership where every partner has a limited personal liability for the debts of the partnership. Partners will not be liable for the tortious damages of other partners but potentially for the contractual debts depending on the state.