Since a Corporation Is a Legal Structure Reserved for Large

question 125

True/False

Since a corporation is a legal structure reserved for large firms, small businesses have two basic choices for legal structure of their company: proprietorship and partnership.

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Definitions:

Risk Of Loss

In contractual terms, refers to which party bears the financial burden if the goods are damaged or lost before delivery is completed.

Fire

A rapid oxidation process, which is a chemical reaction resulting in the release of heat and light, commonly seen as flames.

Fixture

An item of personal property that has been attached to land or a building in such a way that it is considered legally a part of the real property.

Real Property

Land and any structures or improvements attached to the land, such as buildings, making it immovable property.