Define a Corporation, and Briefly Discuss the Primary Advantages and Disadvantages

question 76

Essay

Define a corporation, and briefly discuss the primary advantages and disadvantages of forming a corporation.

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Definitions:

Decision Making

A component inherent in the other management processes of planning, directing, controlling, and improving.

Product Assembly Labor

The labor costs associated with putting together the final product in a manufacturing process.

Direct Costs

Costs that can be directly attributed to the production of specific goods or services.

Indirect Costs

Costs that are not directly attributable to a specific product or service but are necessary for the business to operate, such as utility expenses or salaried personnel.