GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Corporation
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Partnership
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Sole proprietorship
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None of these are correct
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Detailed explanation-1: -There are three basic forms of business ownership: sole proprietorship, partnership and corporation. Each of these forms of business organization has advantages and disadvantages in such areas as setting up the company, paying taxes and assessing liability for business debts.
Detailed explanation-2: -Consider a partnership if the number of people involved is small (up to about 20) and limited liability is not necessary. Advantages of a partnership include that: two heads (or more) are better than one. your business is easy to establish and start-up costs are low.
Detailed explanation-3: -Business enterprises customarily take one of three forms: individual proprietorships, partnerships, or limited-liability companies (or corporations).