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In a sole proprietorship, the proprietor shares the burden of any losses or liabilities incurred by the business enterprise with the government.

Jim is considering forms of business organization, including the limited liability company (LLC), for his business—Kettle Popt-Korn. Most states require that an LLC have ​

Rosa is a partner in Silver Dragon, a partnership consisting of the owners of a restaurant. Silver Dragon incurs debt for new dining tables and chairs. With respect to this debt, Rosa is

In many states, close corporations have more flexibility in determining their rules of operation.

Luke and Maya form Northeast Air Express, a general partnership. The essential elements of this partnership do not include

Corporate officers are selected and removed by shareholders.

Rita and Susan want to form and do business as Trips & Travel, Inc. They will serve as the firm’s directors and officers, and will initially hold all of the stock in the company. A corporation is owned by

The members of a limited liability company have unlimited liability for any loss or injury caused by the wrongful acts or omissions of the firm.

The members of a limited liability company have unlimited liability for any loss or injury caused by the wrongful acts or omissions of the firm.

Limited liability companies (LLCs) are governed by federal LLC statutes.