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Forms of Business (Corporation :star: (Legal rights (The right to start a…
Forms of Business
Corporation :star:
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Legal rights
- The right to start a business
- The right to buy or sell property
- The right to borrow money
- The right to sue or be sued
- The right to enter into binding contracts
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Definition
An artificial person created by law with most of the legal rights of a real person, including the rights to start and operate a business, to buy or sell property, to borrow money, to sue or be sued and to enter into binding contracts.
Facts
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The U.S comprises about 19% of all businesses, but account for 82% of sales revenues.
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LLC
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A Limited Liability Corporation(LLC) is a business ownership that cobmiens benefits of a corporation and a partnership while avoiding some of the restrictions and disadvantages of those who form ownership
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Partnership👫
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Articles of Partnership
The Articles of Partnership is a written or oral agreement that lists and explains the terms of a partnership.
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Disadvantages
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It is difficult to get money out, so this means they will have a frozen investment
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