Which of the Following Is the Simplest Form of Business

question 13

Multiple Choice

Which of the following is the simplest form of business organization?

• A) sole proprietorship
• B) general partnership
• C) limited partnership
• D) limited liability company
• E) corporation

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Definitions:

Binding Contract

An agreement between two or more parties that is enforceable by law, where all parties have agreed to the terms through offer and acceptance.

Contractual Capacity

The legal ability of a person to enter into a binding contract.

Form a Contract

The process of creating a legally binding agreement between two or more parties.

Consideration

The benefit which is bargained for between the parties and is the essential reason for a party entering into a contract.