Question
the 3 major business ownership forms and an alternative.
the ethical and regulatory environment of business.
Assess various leadership styles.
the key activities of business.
Reflect on personal experiences in this course.
personal progress on meeting the course objectives.
Note any surprises in course successes or challenges.
Select one course objective that could be improved upon personally.
Answer & Explanation
Business Ownership Forms:
There are three major business ownership forms:
, o Sole Proprietorship: Owned by a single individual, with full
liability and no formal filing requirements. It's cost-effective but
lacks tax benefits.
o General Partnership: Involves two or more partners sharing
profits, losses, and liabilities. It's suitable for new partners.
o Limited Liability Company (LLC): Combines limited liability
with pass-through taxation. Best for liability structure.
As an alternative, consider the Limited Liability Partnership (LLP),
which is common among professional businesses.
Ethical and Regulatory Environment of Business:
This encompasses legal and ethical aspects. Topics include the court
system, contracts, torts, intellectual property, and employment
discrimination.
Understanding these principles helps businesses navigate legal challenges
and maintain ethical practices.
Leadership Styles:
the 3 major business ownership forms and an alternative.
the ethical and regulatory environment of business.
Assess various leadership styles.
the key activities of business.
Reflect on personal experiences in this course.
personal progress on meeting the course objectives.
Note any surprises in course successes or challenges.
Select one course objective that could be improved upon personally.
Answer & Explanation
Business Ownership Forms:
There are three major business ownership forms:
, o Sole Proprietorship: Owned by a single individual, with full
liability and no formal filing requirements. It's cost-effective but
lacks tax benefits.
o General Partnership: Involves two or more partners sharing
profits, losses, and liabilities. It's suitable for new partners.
o Limited Liability Company (LLC): Combines limited liability
with pass-through taxation. Best for liability structure.
As an alternative, consider the Limited Liability Partnership (LLP),
which is common among professional businesses.
Ethical and Regulatory Environment of Business:
This encompasses legal and ethical aspects. Topics include the court
system, contracts, torts, intellectual property, and employment
discrimination.
Understanding these principles helps businesses navigate legal challenges
and maintain ethical practices.
Leadership Styles:
