There are several legal structures available to entrepreneurs who choose to structure their venture as a for-profit including ______________________?
A) Sole proprietorship and partnership
B) Sole proprietorship, partnership, corporation and limited liability corporation
C) Partnership, limited liability corporation and corporation
D) Partnership and limited liability corporation

Question

Quizplus · Accepted Answer

The best choice is a for-profit corporation or limited liability corporation. These structures provide personal liability protections to the owners and allow for easier access to funding and potential for growth. Sole proprietorships and partnerships do not provide liability protections to the owners and can limit the potential for growth and access to funding.

There Are Several Legal Structures Available to Entrepreneurs Who Choose