Damian Wants to Start a Business Where He Is the Only

question 27

Multiple Choice

Damian wants to start a business where he is the only owner and the company does not issue stock.The type of business Damian wants to start is a

• A)sole proprietorship.
• B)partnership.
• C)corporation.
• D)Any of the above could be correct.

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Definitions:

Shareholder Agreement

A contract among shareholders of a company outlining their rights, obligations, and mutual agreements regarding company operations and governance.

Duration

The length of time during which something exists or continues.

Statutory Close Corporation Supplement

Additional legal provisions or regulations applicable to a close corporation, closely held and not publicly traded, defined by statute.

MBCA

The Model Business Corporation Act, a set of laws proposed to standardize and regulate the incorporation and operation of businesses across the United States.