Question

2. describe the legal form of business​

Answer 1

Answer:

There are mainly three types of business organization in terms of law. In traditional partnerships, the partners usually have an unlimited liability, i.e. they are jointly responsible for the debts of the business. ... Some partnerships, such as accountancy firms can have limited liability.

The most common forms of legal structure are the sole proprietorship, the partnership, and the corporation. An LLC is a relatively new business structure. ... A partnership is two or more people voluntarily operating a business as co-owners for profit. There are general partnerships and limited partnerships.