Use the following options and match them with the descriptions. Has the most potential for conflict Get to keep all profits 1. Sole Proprietorship Limited Liability 2. Partnership owners can specialize 3. Corporation > >

Use the following options and match them with the descriptions. Has the most potential for conflict Get to keep all profits 1. Sole Proprietorship Limited Liability 2. Partnership owners can specialize 3. Corporation > >

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter10: Partnerships: Formation, Operation, And Basis

Section: Chapter Questions

Problem 4DQ

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Question

Use the following options and match them with the descriptions.
Has the most potential for
conflict
Get to keep all profits
1. Sole Proprietorship
Limited Liability
2. Partnership
owners can specialize
3. Corporation
profits taxed twice
Easiest legal process to
start
>
>
>
>

Expert Solution

Types of business ownership

The type of business ownership is classified into different types based on the number of owners and the nature of ownership. The basic types are sole proprietorship, partnership and corporations. Sole proprietorship has only one owner, partnership should have at least two owners as partners and corporations have limited liability vested on its shareholders.

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