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https://courses.aplia.com/at/servlet/quiz quiz actioh -takeu128iq012 pcu-Q An Overview of Financial Management Graded Assignment | Read Chapter 1 Back to Assignment Due Wednesday 06.20.18 at 11:45 PM Attempts: Keep the Highest: 5 4. Forms of business organizations Businesses can be classified into the following forms: proprietorship, partnership, corporation, limite company (LLC), and limited liabijity partnership (LLP) d liability Different forms proprietorship? Check all that apply of businesses have differênt characteristics. Which of the following characteristics belong to a More easily created and less regulated Subject to unlimited liability Owned by single individual You see and read about different kinds of businesses every day. The following scenarios describe two businesses. Use the description of each business to classify a proprietorship, partnership and/or limited liability company (LLP/LLC) fy it as a proprietorship, partnership, corporation, or limited liability Business #2 Andres and Pablo run a law firm in downtown Phoenix. The firm has debt of $100,000, but Andres and Pablo will not firm's debts Cosmopolitan Consulting has five consultants in the firm. The company's annual revenue is y $500,000. The company's income is t be held personally Nable for the Fo F10 F11 F12 Prtsce sert F2 FS 5 6 8 Caps Lock Ctri Home Inspiron 13 7000 2-in-1Explanation / Answer
1) All options
Sole Proprietorship
It is a form of business owned by only one person. It is easy to set-up & is the least costly compared to all other forms of business. Owner had to face unlimited liability. This form is usually adopted by small business entities.
2) Cosmopoliting Consulting - A Partnership
Partnership
It is a business owned by two or more persons who infuse capital into the entity. They are called partners and they divide the profits of the business among themselves.In general partnerships, all partners have unlimited liability.
3) An Andres and Pablo - An LLP/LLC
These are hybrid forms of business that have characteristics of both a corporation & a partnership. Nonetheless, the owners enjoy limited liability like in a corporation.
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