Jonathan Lopez wants to be his own boss and ventures into retailing fruit in the neighborhood after borrowing some money from his mother
While obtaining a license to carry out business in his city, Jonathan mentions the money he borrowed but forgets to specify what type of business undertaking his store will be. Under which of the following major forms of business is Jonathan's store listed by default?
A) a general partnership
B) a sole proprietorship
C) a limited partnership
D) a limited liability corporation
B
You might also like to view...
The sufficiency of evidence refers to the quality of audit evidence.
Answer the following statement true (T) or false (F)
Why should marketers set up systems that encourage customers to complain about products?
What will be an ideal response?
Which disadvantage is common to both sole proprietorships and partnerships?
a. single taxation b. complexity and costs in setting up c. depersonalization d. personal liability of owner(s)
When using the allowance method, the write-off of a receivable ________
A) involves a contra-revenue account B) reduces the amount of the Allowance for Bad Debts account C) decreases net income D) affects the net realizable value