INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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merger.
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partnership.
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franchise.
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corporation.
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Detailed explanation-1: -The most common forms of business ownership are sole proprietorship, partnership, limited liability partnership, limited liability company (LLC), series LLC, and corporations, which can be taxed as C corporations or S corporations.
Detailed explanation-2: -A sole proprietorship is set up to allow an individual to own and operate a business. A sole proprietor has total control, receives all profits from and is responsible for taxes and liabilities of the business.
Detailed explanation-3: -Key Features of a Sole Proprietorship: The business and the owner are one. There is no separate legal entity. The owner of the sole proprietorship controls the entire business. The sole proprietor is personally liable for all debts and actions of the business.
Detailed explanation-4: -Which of the following is a characteristic of a product trade-name franchise: The franchisee can choose the name of the business.