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With reference to an example, briefly describe a multiple-baseline-across-situations design.
Corporation
A legal entity separate from its owners that is authorized to conduct business, own assets, incur liabilities, and pay taxes.
Limited Liability
A legal structure that limits the personal financial risk of the business owners, protecting their personal assets from the debts and liabilities of the business.
Sole Proprietorship
A business owned and operated by a single individual, with no distinction between the business and the owner.
Closely Held Corporation
A type of company that is owned by a small group of people who are usually closely associated with the business.
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