Which of the following legal forms of business, (sole proprietorship, partnership, corporation), would be favored and why? Be sure to provide a short explanation. Example: (a) “Organizational requirements and costsis an advantage of the sole proprietorship. The business is formed simply by beginning to do business. Partnerships and corporations require a more formal organizational process since a number of owners are involved.” A. Organizational requirements and costs (done for you above) B. Liability of the owners C. The continuity of the business
Which of the following legal forms of business, (sole proprietorship, partnership, corporation), would be favored and why? Be sure to provide a short explanation. Example: (a) “Organizational requirements and costsis an advantage of the sole proprietorship. The business is formed simply by beginning to do business. Partnerships and corporations require a more formal organizational process since a number of owners are involved.” A. Organizational requirements and costs (done for you above) B. Liability of the owners C. The continuity of the business
Foundations of Business - Standalone book (MindTap Course List)
4th Edition
ISBN:9781285193946
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Chapter4: Choosing A Form Of Business Ownership
Section: Chapter Questions
Problem 3DQ
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Question
- Which of the following legal forms of business, (sole proprietorship,
partnership , corporation), would be favored and why? Be sure to provide a short explanation. Example: (a) “Organizational requirements and costsis an advantage of the sole proprietorship. The business is formed simply by beginning to do business. Partnerships and corporations require a more formal organizational process since a number of owners are involved.”
A. Organizational requirements and costs (done for you above)
B. Liability of the owners
C. The continuity of the business
D. The transferability of ownership
E. Management control & regulations
F. The ability to raise capital
G. Income taxes.
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