Explain why general corporations have become the dominant form of the different types of business ownership.
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- Compare and contrast the (1) limited liability company (LLC) and (2) corporation forms of business organizations. If a person were to start their own business, which one of these forms would they choose? Why?Define corporation, and what are the types of corporation? Describe each. Please explain it to me clearly so that I can understamd it well, thank youExplain why general corporations have become the dominant form of the different types of business ownership.
- What is a corporation? What are the types of corporationsdescribe why general corporations have become the dominant form of the different types of business ownership.1. The main disadvantage of a corporation is double taxation. a. True b. False 2. A partnership is easier to form, operate, and terminate than a proprietorship. a. True b. False 3. A disadvantage of a partnership is that: a. financial resources are obtained from one person only. b. each partner is responsible for the acts of every other partner. c. specialized skill is difficult to find in the individual partners. d. there are inadequate management and employee skills. 4. A partnership is a form of business that is: a. formed for only civic, educational, charitable, and religious purposes. b. organized to provide a professional service for which each shareholder is licensed. c. owned by two people who share ownership of a single business. d. created to obtain financial sources from only one person. 5. Small business owners prefer a proprietorship over other forms of business because it: a. provides…