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Questions and Answers
What are the different forms of business organization discussed in Chapter 2?
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?
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.
Explain the advantages and disadvantages of a sole proprietorship.
Advantages: Easy to start, full control. Disadvantages: Unlimited liability, limited financial resources.
