GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Sole Trader
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Partnership
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Both
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Neither
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Detailed explanation-1: -Types of businesses that typically form LLC partnerships: Companies whose owners want liability protection from the business while still being involved in the day-to-day management and operations. Since LLC partnerships can be formed by most types of businesses, they’re generally a good fit for most people.
Detailed explanation-2: -Limited Liability Company (LLC)
Detailed explanation-3: -Sole proprietorships and partnerships are relatively easy to start, but they lack liability protection. Corporations may take more work to start, but they offer liability protection and, in some cases, more favorable tax rates.
Detailed explanation-4: -The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation.