Businesses Can Take the Following Form(s)

question 96

Multiple Choice

Businesses can take the following form(s) :

• A) Sole proprietorship.
• B) Not-for-profit.
• C) Partnership.
• D) Sole proprietorship and partnership.
• E) All of these answers are correct.

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Definitions:

Chattel Mortgage

A mortgage in which the title to a chattel owned by the debtor is transferred to the creditor as security for the payment of a debt.

Conditional Sales Contract

A contract arrangement in which the sale is conditional upon specific terms, with the transfer of ownership from the seller to the buyer occurring only after these conditions are met.

Title Transfer

The legal process of transferring ownership of a property or asset from one party to another.

Transaction

An exchange or transfer of goods, services, or funds between parties.