Answered: Maria Brese has just completed her…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Maria Brese has just completed her hairdressing apprenticeship and she has decided to open her own hairdressing salon. Indicate two types of business organisations that Nina could use to operate her business. Discuss two advantages and two disadvantages of the business organisations you have chosen.

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Step 1

Introduction

A business organization is a legal structure formed to do business. A system of law controlling contract and trade, property rights, and incorporation is the foundation of such an organization.

It explains the organizational structure of firms and how that organization assists in achieving their objectives. Companies are often built to concentrate on either making a profit or helping society. A company is considered a for-profit entity when it emphasizes profiting.

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