EBK BUSN
11th Edition
ISBN: 8220106798461
Author: Kelly
Publisher: YUZU
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Question
Chapter 6, Problem 1LO
Summary Introduction
To discuss: The features of 4 types of ownership in a business.
Expert Solution & Answer
Explanation of Solution
The four types of ownership in a business are sole proprietorship,
- Sole proprietorship will have a characteristic of single owner, who always manages the business.
- Partnership is an intentional agreement in which more than 2 people acts as the owners of the business to gain profit.
- The general partnership includes all the partners, who participate actively in managing the business and has unlimited liability in the firm.
- Under corporation, the business is a legal entity, which is distinct and separate from its owners.
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Chapter 6 Solutions
EBK BUSN
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Similar questions
- Describe the basic types of business with their inherent advantages and disadvantages.arrow_forwardForms of business ownership refer to the legal structures under which a business operates. There are several types of business ownership, including sole proprietorships, partnerships, corporations, and limited liability companies (LLCs). Each form of ownership has its advantages and disadvantages, and the choice of the form of ownership depends on various factors such as liability, taxation, and management structure.Critically evaluate the relevance of the advantages and disadvantages in light of current trends and developments in the business environment.arrow_forwardwhy are profitability ratios the most important to business ownersarrow_forward
- What are the key legal considerations when starting a business, such as business structure, registration, and licensing requirements?arrow_forwardDiscuss the classification of business by ownership and elaborate on the formation, operation and cessation respectively.arrow_forwardWhat are the requirements for starting a business for the following Sole Proprietorship Public Companies Partnerships Business Trustarrow_forward
- If you were given the opportunity to modify an existing business model of your choosing, how would you want the business model to operate?arrow_forwardAdvantages and disadvantages of funding a businessarrow_forwardLimited funds and limited growth potential are the disadvantages of which form of business? Corporation Sole proprietorship Partnership Limited Liability Companyarrow_forward
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