Answer the following Questions:
1. What are the benefits of learning entrepreneurial skills?
2. Why is liability an important factor in any business?
3. Explain the differences between sole proprietorship and partnership.
4. What are some advantages of running a corporation form of business organisation?
Answers
Answer:
1. Studying entrepreneurship benefits students and learners from different social and economic backgrounds because it teaches people to cultivate unique skills and think outside the box. Moreover, it creates opportunity, instills confidence, ensures social justice and stimulates the economy.
2. Liabilities Explained
Liabilities are a vital aspect of a company because they are used to finance operations and pay for large expansions. They can also make transactions between businesses more efficient.
3. A sole proprietorship has one owner, while a partnership has two or more owners. Sole proprietorships and partnerships are common business entities that are simple for owners to form and maintain. The main difference between the two is the number of owners.
4. There are several advantages to becoming a corporation, including the limited personal liability, easy transfer of ownership, business continuity, better access to capital and (depending on the corporation structure) occasional tax benefits
Answer:
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