The Key to Choosing the "Right" Form of Ownership Is

question 130

Multiple Choice

The key to choosing the "right" form of ownership is:

• A)knowing the cost factor in time and money.
• B)understanding how each form affects both business and personal circumstances.
• C)having an experienced attorney and accountant to advise you in the choice.
• D)the fact you cannot change the form of ownership once your company is established.

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Definitions:

Unilateral Mistake

A situation where only one party to a contract is mistaken about the terms or subject-matter contained in that contract.

Voidable

A term describing a contract or agreement that can be legally declared invalid by one or more of the parties involved.

Unconscionable

Describes an agreement that is so unjust or overwhelmingly one-sided in favor of one party that it is deemed unenforceable under the law.

Rescind

As the word is applied to contracts, to terminate the contract as to future transactions or to annul the contract from the beginning.