- Countries have the same laws that may ascribe different rights to the various business entities. - The goal of business is for sales to be more than expenditures resulting in a profit. - A grocery store is an example of a service business.
1. Write TRUE if the statement is correct, write FALSE if the statement is incorrect.
- Countries have the same laws that may ascribe different rights to the various business entities.
- The goal of business is for sales to be more than expenditures resulting in a profit.
- A grocery store is an example of a service business.
- A cooperative is a business organization owned by a group of individuals and is operated for their mutual benefit
- Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit.
- Sole proprietorship are not ideal for high risk businesses because they put your personal assets at risk.
- The owners of a corporation have limited liability and the business has a separate legal personality from its owners.
- In most forms of partnerships, each partner has limited liability for the debts incurred by the business.
- The corporation has a life of its own and does not dissolve when ownership changes.
- Limited liability companies ( LLCs ) are hybrid forms of business that have characteristics of both a corporation and a partnership.
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