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Summary Questionthe 3 major business ownership forms and an alternative. the ethical and regulato
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the 3 major business ownership forms and an alternativeQuestionthe 3 major business ownership forms and an alternative. the ethical and regulatory environment of business.Assess various leadership styles. the key activities of business.Reflect on personal experiences in this course. person...

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  • October 6, 2024
  • 5
  • 2024/2025
  • Summary

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  • the 3 major business ownership forms and an altern
  • with full liability and no formal filing requirem
  • and liabilities its suitable for new partnerso

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Question


the 3 major business ownership forms and an alternative.


the ethical and regulatory environment of business.


Assess various leadership styles.


the key activities of business.


Reflect on personal experiences in this course.


personal progress on meeting the course objectives.


Note any surprises in course successes or challenges.


Select one course objective that could be improved upon personally.




Answer & Explanation


Business Ownership Forms:


 There are three major business ownership forms:

, o Sole Proprietorship: Owned by a single individual, with full

liability and no formal filing requirements. It's cost-effective but

lacks tax benefits.


o General Partnership: Involves two or more partners sharing

profits, losses, and liabilities. It's suitable for new partners.


o Limited Liability Company (LLC): Combines limited liability

with pass-through taxation. Best for liability structure.


 As an alternative, consider the Limited Liability Partnership (LLP),

which is common among professional businesses.


Ethical and Regulatory Environment of Business:


 This encompasses legal and ethical aspects. Topics include the court

system, contracts, torts, intellectual property, and employment

discrimination.


 Understanding these principles helps businesses navigate legal challenges

and maintain ethical practices.


Leadership Styles:

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