Describe the different forms of business entities such as sole proprietors, partnerships (general and limited) and...
Describe the different forms of business entities such as sole proprietors, partnerships (general and limited) and corporations (private and public) in respect to ease of creation, managing on a daily basis and risk.
Homework Answers
Answer -
1 - Sole proprietorship - In this type of business, since there is only one person involved in the business , there are very quick decisions taken up because of no need of any consultation from other.
2- Partnership - In the partnership there are very few people in involved and there are no legal complications hence the decisions are quick. They may be slower than sole proprietorship due to presence of more members.
3- private company - In a private company , since there are lesser no. Of members and there are no outside shareholders hence the decisions are not as late as in case of public company. But the suggestions have to be taken from many person so it takes time.
4- public company - In a public company there are large no. Of members and shareholders, board of directors and to take care of all of them very important decisions have to be made. Hence the decision making takes time.
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