Use the following options and match them with the descriptions.Has the most potential forconflictGet to keep all profits1. Sole ProprietorshipLimited Liability2. Partnershipowners can specialize3. Corporationprofits taxed twiceEasiest legal process tostart>>>>

Answered: Use the following options and match…

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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Use the following options and match them with the descriptions.
Has the most potential for
conflict
Get to keep all profits
1. Sole Proprietorship
Limited Liability
2. Partnership
owners can specialize
3. Corporation
profits taxed twice
Easiest legal process to
start
>
>
>
>

Expert Solution

Types of business ownership

The type of business ownership is classified into different types based on the number of owners and the nature of ownership. The basic types are sole proprietorship, partnership and corporations. Sole proprietorship has only one owner, partnership should have at least two owners as partners and corporations have limited liability vested on its shareholders.

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