Which Form of Business Organization Is Characterized by Having the Shortest

question 36

Multiple Choice

Which form of business organization is characterized by having the shortest start-up time and lowest legal costs?

• A) proprietorship
• B) limited partnership
• C) corporation
• D) subchapter S corporation
• E) limited liability corporation

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Definitions:

Objective Function

A mathematical function used in optimization to define the goal of the decision-making process, such as maximizing profit or minimizing cost.

Products

Products are goods or services offered by a business to satisfy consumer needs or wants.

Costs

The values of resources expended in order to achieve a certain objective, such as production or delivering services.

Iso-profit Line

A graphical representation in economics showing all possible combinations of two inputs that yield the same profit level.