Chapter 2: Business Forms of Organization Quiz

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What are the different forms of business organization discussed in Chapter 2?

Sole proprietorship, partnership, corporation, and limited liability company (LLC)

What is the difference between a general partnership and a limited partnership?

General partnership: all partners have unlimited liability. Limited partnership: at least one partner has limited liability.

Explain the advantages and disadvantages of a sole proprietorship.

Advantages: Easy to start, full control. Disadvantages: Unlimited liability, limited financial resources.

Test your knowledge about the different forms of business organization, advantages and disadvantages of sole proprietorship, and distinctions between general partnership and limited partnership.

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