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Which business ownership form is most suitable for family-run businesses?
Which business ownership form is most suitable for family-run businesses?
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Q1
Which business ownership form is most suitable for family-run businesses?
Sole proprietorship
Partnership
Corporation
Franchise
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Partnerships are often suitable for family-run businesses as they allow family members to share responsibilities and profits.
Questions & Step-by-step Solutions
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Q: Which business ownership form is most suitable for family-run businesses?
Solution:
Partnerships are often suitable for family-run businesses as they allow family members to share responsibilities and profits.
Steps: 5
Show Steps
Step 1: Understand what a family-run business is. It is a business owned and operated by family members.
Step 2: Learn about different business ownership forms, such as sole proprietorships, partnerships, corporations, and LLCs.
Step 3: Identify the key features of partnerships, which include shared responsibilities and profits among partners.
Step 4: Consider how partnerships can benefit family members by allowing them to work together and support each other.
Step 5: Conclude that partnerships are often the most suitable form of ownership for family-run businesses.
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