Susan, Phil, Robert, and Martina are all lawyers. After several years of working for big firms, they decide to pull their resources and start their own law practice together. The four of them will make all their business decisions together and will share all of the profits and financial risk. Their new law firm is a

TYPES OF ENTREPRENEURSHIP

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	partnership
B	corporation
C	sole proprietorship
D	monopoly

Explanation:

Detailed explanation-1: -A general partnership is a business made up of two or more partners, each obligated for the business’s debts, liabilities, and assets. Partners assume unlimited liability, potentially subjecting their personal assets to seizure if the partnership becomes insolvent.

Detailed explanation-2: -Answer and Explanation: The correct answer is d. In law, it is regarded as having a separate existence from its owners. Limited liability company means that the owners are not personally liable anymore of the company’s debts because that company has separate existence from them.

Detailed explanation-3: -Answer and Explanation: The easiest form of business organization to start and stop is the sole proprietorship. A sole proprietorship describes personal entrepreneurship or business that is owned and managed by a single individual.

There is 1 question to complete.

INTRODUCTION TO ENTREPRENEURSHIP

TYPES OF ENTREPRENEURSHIP