Family-owned businesses are sometimes desirable due to which of the following facts? a)Family is always the easiest to work for. b)Profit is guaranteed. c)You'll have total control of operations. d)More flexibility is offered.

Answered: Family-owned businesses are sometimes…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

Family-owned businesses are sometimes desirable due to which of the following facts?

	a)	Family is always the easiest to work for.
	b)	Profit is guaranteed.
	c)	You'll have total control of operations.
	d)	More flexibility is offered.

Expert Solution

Introduction

Business ownership is defined as the authority that owner haa on its business functioning and profits. It means some business ownership offers higher level of authority to owner to take decisions and run business freely while some requires compliance of many rules or regulations.

The common types of Business ownership are sole proprietorship, partnership, cooperation and companies. Thus, it depends on business size and product type that plays vital role in selecting appropriate business ownership.