Chapter Questions
Why is it important for an entrepreneur or owner to determine the legal form of business ownership?
What are the areas in which choosing the legal form of business would make a difference?
What are the four major forms of business? Define them briefly.
List at least five advantages of sole proprietorship.
Discuss at least four disadvantages of sole proprietorship.
What are the partners' rights and responsibilities?
Define at least three different types of partnership.
What are the differences between C-corporation and S-corporation?
What justified the creation of corporation? Briefly discuss three justifications.
Define at least three of the other forms of business.