Ask Question
BusinessBusiness
5 May, 22:58

Do you know, and can you describe, the three principal ways a for-profit business might legally organize?

+2
Answers (1)
  1. 5 May, 23:50
    0
    1. Sole Proprietorship

    2. Limited Liability Company (LLC)

    3. Corporation

    Explanation:

    1. Sole Proprietorship - This is also called a one-man business. It could be your small neighbourhood store and so on. It is usually owned and run by the same person. The owner has unlimited liability and thus can lose his/her personal properties where the business is in debt.

    2. Limited Liability Company (LLC) - these are private limited liability companies, and as name implies, the liability of its members is limited to the amount they contribute to the business. The Company is a legal entity and can own, buy and sell properties in its name

    3. Corporation - This is a public company, its share is quoted on the stock exchange and can be freely traded. The ownership (shareholders) of the public corporation is different from those who run them (management). The Company is a legal entity and can own, buy and sell properties in its name
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Do you know, and can you describe, the three principal ways a for-profit business might legally organize? ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
As a sales rep for an eyewear company, Gemma, frequently relies on the marketing department for information and materials.
Answers (1)
In a market system, how are the terms of exchange established? A) Consumer advocacy groups establish fair prices for items, and most firms follow these pricing guidelines because they don't want to anger their consumers.
Answers (1)
Noura Company offers an annual bonus to employees (to be shared equally) if the company meets certain net income goals. Prepare the journal entry to record a $15,000 bonus owed (but not yet paid) to its workers at calendar year-end.
Answers (1)
Carruthers Company expects the following total sales: Month Sales March $29,000 April $19,000 May $25,000 June $24,000 The company expects 70% of its sales to be credit sales and 30% for cash.
Answers (1)
In forecasting revenue, projecting changes in future selling prices for a firm's products depends on factors specific to the firm and its industry that might affect demand and price elasticity.
Answers (1)
New Questions in Business
How will the general ledger accounts in the trial balance most likely differ if the company were a retail store rather than a wholesale company? how will they differ for a hospital or a government unit?
Answers (1)
Camilo's property, with an adjusted basis of $155,000, is condemned by the state. Camilo receives property with a fair market value of $180,000 as compensation for the property taken. a. What is Camilo's realized and recognized gain? b.
Answers (1)
A decrease in resource prices will increase the incentive of users to purchase the resource. suppliers to provide more of the resource. firms to find and develop substitutes for the resource.
Answers (1)
Garden Company purchased merchandise on account from Parker Company for $88,000 with terms 1/15, net 45. Garden Company returned $12,000 of the merchandise and received full credit from Parker Company.
Answers (1)
Money is a productive asset. Its opportunity cost is: A) The time value of money. B) Valuation. C) Inflation. D) Replacement cost. E) Depreciation.
Answers (1)
Home » Business » Do you know, and can you describe, the three principal ways a for-profit business might legally organize?
Sign Up Forgot Password?