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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?
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.
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