The characteristics below apply to at least one of the forms of business organization.
a.Is a separate legal entity.
b.Is allowed to be owned by one person only.
c.Owner or owners are personally liable for debts of the business.
d.Is a taxable entity.
e.Is a business entity.
f.May have a contract specifying the division of profits among the owners.
g.Has an unlimited life
Use the following format to indicate (with a "yes" or "no")whether or not a characteristic applies to each type of business organization.
Definitions:
Problem-Solving Ability
The capacity to analyze, understand, and effectively resolve issues or obstacles encountered.
Leadership Performance
refers to the efficiency and effectiveness with which leaders guide and influence the behaviors of their team towards achieving set objectives.
Requirements for Entrepreneurship
Essential skills and qualities needed to successfully start and manage a new business venture, including risk-taking, innovation, and leadership.
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