If You Want to Establish and Run Your Own Business

question 68

Multiple Choice

If you want to establish and run your own business, but are very concerned about your liability should anything go wrong, which of the following would be the best kind of firm for you?

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

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Definitions:

Software Vendors

Companies or individuals that develop and sell software products or services to consumers or businesses.

Perfect Tender Rule

A legal principle that requires the delivery of goods to be exactly as agreed in the contract without deviation.

Substantial Performance

Substantial performance occurs when a party has completed enough of its contract obligations to warrant payment, even if minor details are unfinished.

Air Conditioner

An appliance or system designed to cool the air in an enclosed space to provide a comfortable environment.