Identify the Three Most Basic Forms of Legal Organization Used

question 58

Essay

Identify the three most basic forms of legal organization used by small businesses. What are the factors one must consider when choosing a legal form of organization?

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Definitions:

Net Income

The remaining profit for a company after subtracting total expenses, taxes, and costs from its total income.

Items Count

A measure or total of individual things or components.

Physical Inventory

The process of counting all physical goods and materials a company has in stock at a specific point in time.

Items Count

The process of tallying items in inventory, usually for the purpose of ensuring accuracy in stock levels and financial records.