Stephen Decides His Business Will Begin Staying Open Until 7

question 21

Multiple Choice

Stephen decides his business will begin staying open until 7 p.m. instead of 6 p.m. The next day, the shop stays open until 7 p.m. This environment of flexibility to quickly change is characteristic of what form of business organization?

• A) Corporation
• B) Partnership
• C) S-corporation
• D) Flexible partnership
• E) Sole proprietorship

Understand the purpose and components of a positioning statement in marketing.

Understand the evolutionary perspective on emotions and behaviors in humans and nonhuman animals.

Recognize brain structures and hormones involved in emotional responses and physiological functions.

Describe the basic emotions and their significance.

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Definitions:

Separate Legal Entity

A business structure that is legally considered an independent entity separate from its owners, such as a corporation or LLP.

Limited Partnership

A partnership with general and limited partners.

Limited Liability

A legal structure that protects a company's owners or investors from being personally liable for the company's debts or liabilities beyond their investment in the company.

Partners

Individuals who share ownership of a business entity and are mutually obligated to the entity's liabilities and operational decisions.