What is the most common form of ownership when setting up a business and why?
Limited Liability Partnership:
As opposed to the unlimited liability found in a general partnership, the limited liability partnership combines the best of a corporation and a partnership structure. Though they face a heavy tax burden, taxpayers benefit from limited liability.
Answer and Explanation: 1
When first starting out in business, most people opt for sole proprietorship. A sole proprietorship is a business structure in which one person serves...
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fromChapter 14 / Lesson 1
A sole proprietorship is a business owned by a single person. Define sole proprietorship and discover how it differs from other tax structures. Learn about the tax structure, liability, and accountability expectations of sole proprietorships.