Question-based on forming a business. I have tried it but incorrect answer. Numbers 2 and 3 are incorrect. When a group of individuals form a business together, if they are going to participate in management, they are more likely to set upa Limited Liability Companies (LLC).a limited partnership.a corporation.a sub-chapter S corporation.eTextbook and Media

Answered: When a group of individuals form a…

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-based on forming a business.

I have tried it but incorrect answer. Numbers 2 and 3 are incorrect.

When a group of individuals form a business together, if they are going to participate in management, they are more likely to set up
a Limited Liability Companies (LLC).
a limited partnership.
a corporation.
a sub-chapter S corporation.
eTextbook and Media

Expert Solution

Step 1

For starting a business, it can be in forms like:

Sole Proprietorship

Partnership

Corporation

Partnership is a business form in which two or more than two persons join their hands for the purpose of business and earning profits. Liability of the partners can be limited or unlimited.

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