GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A form of business owned by two or more people who share management and profits.
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A business owned by one person
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An authorization granted by a government or company to an individual or group that allows them to sell a company’s products under the company name
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A form of business that declares the business as a separate, legal organization led by a group of officers known as the board of directors; often owned by stockholders
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Detailed explanation-1: -A corporation is a legal entity created by individuals, stockholders, or shareholders, with the purpose of operating for profit. Corporations are allowed to enter into contracts, sue and be sued, own assets, remit federal and state taxes, and borrow money from financial institutions.
Detailed explanation-2: -A corporation is a business organization that acts as a unique and separate entity from its shareholders. A corporation pays its own taxes before distributing profits or dividends to shareholders. There are three main forms of corporations: a C corporation, an S corporation and an LLC, or limited liability corporation.
Detailed explanation-3: -Corporate law (also known as business law, company law or enterprise law) is the body of law governing the rights, relations, and conduct of persons, companies, organizations and businesses.
Detailed explanation-4: -A corporate structure is perhaps the most advantageous way to start a business because the corporation exists as a separate entity. In general, a corporation has all the legal rights of an individual, except for the right to vote and certain other limitations.