Question

Outline four characteristics of this form of ownership

Answer 1

Answer:

The characteristics of the four basic forms of business ownership are described below :

1. A sole proprietorship is a business that is owned, and usually managed by a single individual.

2. A partnership is a voluntary agreement under which two or more people act as co-owners of a business for profit. In its most basic form, known as a general partnership, each partner has the right to participate in the company's management and share in profits- but also has unlimited liability for any debts the company incurs.

3. A corporation is a business entity created by filling a form(known in most states as the articles of incorporation) with the appropriate state agency, paying the state's incorporation fees, and meeting other requirements.

Answer 2

Explanation:

The characteristics of the four basic form of business ownership are described below:

1. A sole proprietorship is a business that is owned, and usually managed by a single individuals.
2. A partnership is a voluntary agreement under which two or more people act as co- owners of a business for profit.
3. A corporation is a business entity created by filling a form ( known in most states as the articles of incorporation) with the appropriate state agency, playing the state's incorporation fees, and meeting other requirements.
4. A limited liability company (LLC) is a hybrid form of business ownership that is similar in some respects to a corporation while having other characteristics that are similar to a partnership.