Define the Following

question 23

Short Answer

Define the following
-Minimal response cues

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Definitions:

Corporate Form

A business structure where owners have limited liability, and the entity is recognized legally as separate from its owners.

Limited Liability

A legal structure for businesses that limits the personal financial responsibility of the owners for the company's debts and obligations.

Externalities

Financial repercussions impacting parties who are not directly involved, which may manifest as either beneficial or detrimental outcomes.

Sole Proprietorship

A business owned and operated by one person, where there is no legal distinction between the owner and the business entity.