Business Essentials (12th Edition) (What's New in Intro to Business)
12th Edition
ISBN: 9780134728391
Author: Ronald J. Ebert, Ricky W. Griffin
Publisher: PEARSON
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Question
Chapter 3, Problem 3.9AE
Summary Introduction
To determine: The characteristics of the business form that led the owner to choose it.
Introduction:
A business is an economic system whether the goods or services are exchanged for money. Production, buying of raw materials and selling of finished goods are the works related to the business. Business is the thing which improves the people’s standard of living.
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The needs of the businessperson starting a new business are a major consideration when deciding the best form of business ownership. The kind of business being started is also important to consider when deciding to make your new business a sole proprietorship, partnership, or corporation. Look at the list of new businesses below. , indicate the form of ownership you think would be best for each business and give the reasoning for your selection.
Why would B Corporation be considered the most compelling form of, or approach to, business?
What are the different forms of ownership that a business can adopt, and what are the advantages and disadvantages of each form? Additionally, how can an organization select the most appropriate form of ownership for its specific needs and objectives, and what are some of the key factors that should be considered in making this decision?
Chapter 3 Solutions
Business Essentials (12th Edition) (What's New in Intro to Business)
Ch. 3 - Prob. 3.1QRCh. 3 - Prob. 3.2QRCh. 3 - Prob. 3.3QRCh. 3 - Prob. 3.4QRCh. 3 - Prob. 3.5QACh. 3 - Prob. 3.6QACh. 3 - Prob. 3.7QACh. 3 - Prob. 3.8QACh. 3 - Prob. 3.9AECh. 3 - Prob. 3.10AE
Ch. 3 - Prob. 3.11ACh. 3 - Prob. 3.12ACh. 3 - Prob. 3.13ACh. 3 - Prob. 3.14ACh. 3 - Prob. 3.15ACh. 3 - Prob. 3.16TECh. 3 - Prob. 3.17TECh. 3 - Prob. 3.18TECh. 3 - Prob. 3.19EECh. 3 - Prob. 3.20EECh. 3 - Prob. 3.21EECh. 3 - Prob. 3.22CCh. 3 - Prob. 3.23CCh. 3 - Prob. 3.24CCh. 3 - Prob. 3.25CCh. 3 - Prob. 3.26CCh. 3 - Prob. 3.27CCh. 3 - Prob. 3.28CCh. 3 - Prob. 3.29CCh. 3 - Prob. 3.30C
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Similar questions
- Compare and contrast the various types of business ownership and the advantages/disadvantages of each. TWO paragraphs.arrow_forwardfor each type of business option (sole proprietorship, partnership, LLC, Corporation) create an analysis that compares each type of business option. Define each type of business. Remember to include ease of formation, liability, tax implications, control of the corporation, and any other important differences. Sole proprietorship Partnership LLC Corporation Ease of formation Liability Tax implications Control of the business Other important differencesarrow_forwardDifferentiate between partnership and sole proprietorship form of business. Explain briefly, in your opinion which form of business is better?arrow_forward
- What are the key legal considerations for entrepreneurs when selecting a business structure, such as sole proprietorship, partnership, or corporation?arrow_forwardIf you are going to form a new business what form of business you will select and why?arrow_forwardWhat is the process of converting a sole proprietorship into a different business ownership structure?arrow_forward
- How to incorporate your business?arrow_forwardWhat “right questions” need to be answered when deciding whether to buy a business?arrow_forwardEntrepreneurial competencies refer to the characteristics of an entrepreneur. It requires certain qualities or characteristics for establishing and running a business enterprise. In your own words, explain the different qualities you need to acquire to become a successful entrepreneur.arrow_forward
- If you were to open a small business, such as a local landscaping business, what form of ownership would be most appropriate and why? Provide rational for your choice.arrow_forwardDefine the following types of organizations and give an example of each. Also, how are profits taxed in each organization? Sole proprietorship Partnership LLC S-Corporation C-Corporation Which of the above organizations do you think would be the best for a start-up? Why?arrow_forwardConsidering the various types of business entities, how would you convince a company’s founder that becoming a B corporation or a public benefit corporation is a better way to do business? Provide some examples of companies that have chosen this type of corporate entity. Additionally, discuss how you think that becoming a B Corporation or a public benefit corporation can help address social and environmental problems while still attracting consumers and investors?arrow_forward
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