BUISENESS MANAGEMENT
BUSINESS STRUCTURE
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
Sole Proprietorship
|
|
Corporation
|
|
Partnership
|
|
Limited liability company
|
Detailed explanation-1: -A general partnership is a business owned jointly by two or more people. Advantages include: more resources and talents come with an increase in partners, and the business can continue even after the death of a partner. Disadvantages include: partnership disputes, unlimited liability, and shared profits.
Detailed explanation-2: -A business owned by two or more persons associated as partners is a partnership. A business organized as a separate legal entity owned by stockholders is a corporation.
Detailed explanation-3: -Partnerships come in two varieties: general partnerships and limited partnerships. In a general partnership, the partners manage the company and assume responsibility for the partnership’s debts and other obligations. A limited partnership has both general and limited partners.