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Briefly define the terms proprietorship, partnership, and corporation.
A proprietorship is a business possessed by one person.
Two or more people who unite together to form a business make up a partnership. This can be done on an informal foundation without a written partnership agreement, or a contract can spell out the responsibilities and rights of each partner.
A restricted liability company is a hybrid between a corporation and a partnership. Profits and losses pass through to the members. Members generally enjoy limited liability.
Corporations are legal entities that are separate from their owners. To form a corporation the owners stipulate the governing rules for the running of the business in a contract known as the articles of incorporation. They propose the articles to the government of the state in which the corporation is formed, and the mention issues a charter that creates the separate legal entity.
Product Advantages: A firm that has developed a reputation for superior products in the domestic market may find acceptance from the foreign consumers as well. Hence, such firm
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The Australian skiing industry operates out of a very narrow seasonal base-approximately three months in a good season. In a good year, providers of accommodation, ski hire and tow
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You've just won a huge $100 million lottery. You've decided to invest your winnings in the following way: $30 million in real estate, $30 million in corporate bonds and $40 mil
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