8 Questions
What is a major disadvantage of a sole proprietorship?
Unlimited liability for the owner
What happens to a sole proprietorship when the owner dies?
The business dissolves
What is an advantage of a general partnership?
More resources and talents come with an increase in partners
What is a type of partnership that has a single general partner and one or more limited partners?
Limited partnership
What is a characteristic of a corporation?
It is a separate legal entity from its owners
What is an advantage of a corporation?
Limited liability
What is a disadvantage of a corporation?
Double taxation
What governs a corporation?
A Board of Directors
Learn about the advantages and disadvantages of sole proprietorship and general partnership, two common business ownership structures. Understand the benefits and drawbacks of each, including control, liability, and profit distribution.
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