MANAGEMENT

Detailed explanation-1: -Joe is starting a small home-based consulting business. He possesses computer knowledge but lacks marketing skills. The form of business ownership that Joe might consider establishing is a(n) general partnership.

Detailed explanation-2: -The most common forms of business ownership are sole proprietorship, partnership, limited liability partnership, limited liability company (LLC), series LLC, and corporations, which can be taxed as C corporations or S corporations.

Detailed explanation-3: -Sole proprietorship Let’s start off with the simplest structure. The most basic type of business structure is a sole proprietorship4 (or “sole-prop").

Detailed explanation-4: -Limited-Liability Companies The limited-liability company (LLC) accomplishes exactly that. This form provides business owners with limited liability (a key advantage of corporations) and no “double taxation” (a key advantage of sole proprietorships and partnerships).