Question

Question

Question

Determine whether each characteristic describes a sole proprietorship, a general partnership, or a corporation. Note that a characteristic may apply to more than one type of business structure. (16 points)
Sole Proprietorship General Partnership Corporation
There are 2 or more owners.

There is unlimited liability.

Stocks may be issued to generate income.

There is 1 owner.

Answer 1

Bot GPT 4-o mini answered
1 month ago

Here’s a breakdown of the characteristics you provided for each business structure:

| Characteristic | Sole Proprietorship | General Partnership | Corporation | |-----------------------------------------------------------|---------------------|---------------------|-------------| | There are 2 or more owners. | | Yes | | | There is unlimited liability. | Yes | Yes | | | Stocks may be issued to generate income. | | | Yes | | There is 1 owner. | Yes | | |

Summary of Characteristics:

Sole Proprietorship: 1 owner, unlimited liability.
General Partnership: 2 or more owners, unlimited liability.
Corporation: Stocks may be issued to generate income.

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