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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One of the characteristics of the form of business ownership known as an LLC is that
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this kind of business can last indefinitely.
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it is required to have at least three owners (members).
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the IRS collects taxes based on the LLC’s gross income.
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the owners’ personal property cannot be taken to pay the business’s debts.
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Explanation:
Detailed explanation-1: -Characteristics of limited liability company include separate legal existence, limited liability, flexibility in taxation, and simplicity in operation.
Detailed explanation-2: -A limited liability company, commonly referred to as an “LLC”, is a type of business structure commonly used in the United States. LLCs can be seen as a hybrid structure that combines features of both a corporation and a partnership.
Detailed explanation-3: -Limited liability company (LLC)
Detailed explanation-4: -Sole proprietors have unlimited liability and are legally responsible for all debts against the business. Their business and personal assets are at risk.
There is 1 question to complete.