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In a fictional town, "Green Valley," a sole proprietor named Sarah runs a flower shop, "Petals & Blooms," where she manages everything herself. Meanwhile, two friends, Tom and Jerry, have formed a partnership called "Tech Innovations," focusing on developing eco-friendly gadgets. A local joint stock company, "Solar Solutions Inc.," allows investors to buy shares, pooling resources to create solar energy products while limiting liability to their investments. Lastly, a limited liability company (LLC) named "Crafty Creators LLC," owned by a group of artisans, offers protection from personal liability while enabling flexible management for their handmade goods business.
What else can I help you with?
A general partnership differs from a sole proprietorship because a general partnership is a characteristic by which of the following?
Requires collective decision-making
In general partnerships differ from a sole proprietorship because a general partnership is characterized by which of the following?
Requires collective decision-making.
Which of the following is an advantage of a partnership over a sole proprietorship?
The question is incomplete. There are no options given (for "which of the following") to answer this question.
What are the three categories in business?
Following are three catagories of business: 1 - Sole proprietorship 2 - partnership 3 - Corporation or joint stock company
What are the sources of capital a sole proprietorship?
owners contribution
What of the following is not a likely sole proprietorship business?
auto manufacturing plant A+
What is the 4 basic pattern of business ownership?
The following may vary from one jurisdiction to another: 1. Cooperative: 2. Limited Liability Company (LLC): 3. Partnership: 4. Private Corporation: 5. Public Corporation: 6. Sole Proprietorship:
Which of the following is not true about running a sole proprietorship?
You are exempt from your city's zoning laws
Of the following, which is not typically a general partnership?
manicurist in a salon
What of the following is a disadvantage of owning a sole proprietorship?
May have difficulty raising money for business operations
Which of the following terms represents a business that is similar to a general partnership, except that in addition to general partners there are one or more limited partners?
limited partnership a+
What is a income partner?
For some information about a partnership go to the IRS gov web site and use the search box for Publication 541 go to chapter Forming a PartnershipAn unincorporated organization with two or more members is generally classified as a partnership for federal tax purposes if its members carry on a trade, business, financial operation, or venture and divide its profits. However, a joint undertaking merely to share expenses is not a partnership. For example, co-ownership of property maintained and rented or leased is not a partnership unless the co-owners provide services to the tenants.The rules you must use to determine whether an organization is classified as a partnership changed for organizations formed after 1996.Organizations formed after 1996. An organization formed after 1996 is classified as a partnership for federal tax purposes if it has two or more members and it is none of the following.
