Proprac Exam Questions with Complete Solutions| Verified
Proprac Exam Questions with Complete Solutions| Verified forms of business structures - Answer ️️ -sole proprietorship, partnerships, limited liability companies (LLC), and corporations what is a sole proprietorship - Answer ️️ -business owned and operated by one person who pays personal income tax and profits from the business advantages: simplest form, least expensive, don't pay income tax as an entity disadvantages: owners bears all responsibility/loss/risk, can be hard to attract high quality employees what is a partnership and what are the two types - Answer ️️ -a business owned by two or more people - each contributes money, property, labor/skill advantages: easy to start with limited expenses, more money and resources available disadvantages: unlimited financial liability, fewer perks, limited ability for acquiring capital 2 types: general partnership and it is services from those partners, and limited partnership (only composed of "investors," who sometimes provide $$), partners invest in the firm and focus first on paying their employees what is a limited liability company (LLC) - Answer ️️ -business structure that blends the aspects of sole proprietorships or partners with corporations
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- Subido en
- 26 de diciembre de 2023
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- 2023/2024
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