Jonathan Has Graduated and Wants to Start a Business

question 28

Multiple Choice

Jonathan has graduated and wants to start a business. Which business entity gives him the most complete and exclusive control over the business and any business decisions?

• A) sole proprietorship
• B) limited liability company
• C) corporation
• D) general partnership

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Definitions:

Optimal Act

The most efficient or effective action to achieve a desired outcome or goal.

Posterior Probabilities

The probabilities that are computed after taking into account known or observed evidence, often used in Bayesian statistics.

Prior Probabilities

Prior probabilities are the initial estimations of the likelihood of an event, based on existing knowledge before any new evidence is taken into account.

Likelihood Probabilities

The probabilities that express the plausibility of different parameter values given a certain outcome.