BUSN (with MindTap Business, 1 Term (6 Months) Printed Access Card) (MindTap Course List)
11th Edition
ISBN: 9781337407120
Author: Marcella Kelly, Chuck Williams
Publisher: Cengage Learning
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Question
Chapter 6, Problem 1LO
Summary Introduction
To discuss: The features of 4 types of ownership in a business.
Expert Solution & Answer
Explanation of Solution
The four types of ownership in a business are sole proprietorship,
- Sole proprietorship will have a characteristic of single owner, who always manages the business.
- Partnership is an intentional agreement in which more than 2 people acts as the owners of the business to gain profit.
- The general partnership includes all the partners, who participate actively in managing the business and has unlimited liability in the firm.
- Under corporation, the business is a legal entity, which is distinct and separate from its owners.
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Chapter 6 Solutions
BUSN (with MindTap Business, 1 Term (6 Months) Printed Access Card) (MindTap Course List)
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