3 Questions
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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