Match the business type to the description: Legal entity like a person, most are small firms, owned by stockholders, easier to raise money by selling stock, limited liability, potential perpetual life, may pay lower federal taxes, need a lawyer and have to pay a charter fee, have to pay federal corporate income tax as well as personal income taxes. Owned by two or more people, easier to raise more capital, work and responsibility can be divided, must be dissolved when one of the owner dies or wants to leave, unlimited liability. Owned by individuals, almost always a small business, owner is own boss, taxed only once, burden falls on owner's shoulders, owner may be sued, harder to raise money for capital as a small businessA.PartnershipB.CorporationC.Proprietorship

Business expansion and growth are significant for the survival of operations and activities. Today,…

Answered: Match the business type to the…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Match the business type to the description:

	Legal entity like a person, most are small firms, owned by stockholders, easier to raise money by selling stock, limited liability, potential perpetual life, may pay lower federal taxes, need a lawyer and have to pay a charter fee, have to pay federal corporate income tax as well as personal income taxes.
	Owned by two or more people, easier to raise more capital, work and responsibility can be divided, must be dissolved when one of the owner dies or wants to leave, unlimited liability.
	Owned by individuals, almost always a small business, owner is own boss, taxed only once, burden falls on owner's shoulders, owner may be sued, harder to raise money for capital as a small business

A.	Partnership
B.	Corporation
C.	Proprietorship

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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