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The Business Market Consists of All the Organizations That Acquire

question 53

Essay

The business market consists of all the organizations that acquire goods and services used in the production of other products or services that are sold,rented,or supplied to others.List the major industries that make up the business market.


Definitions:

Unincorporated Business Association

A group engaged in business without the formalities and legal protections of incorporation, such as partnerships or sole proprietorships.

Limited Liability

Limited Liability is a legal structure that limits an owner's or shareholder's personal liability for a company's debts and obligations.

General Partners

Members of a partnership who are responsible for the management of the partnership, have full authority to bind it, and face unlimited personal liability for its debts.

Limited Partners

Individuals in a partnership who invest money but do not have management responsibilities and whose liability is limited to the amount of their investment.

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