The form of legal ownership that an entrepreneur chooses for a venture primarily affects these concerns.
A)profit and productivity
B)taxes and liability
C)liability and planning
D)taxes and revenue

Question

Quizplus · Accepted Answer

The form of legal ownership has the greatest impact on taxes and liability. Choosing the right ownership form is important as it can affect how much taxes are paid and how much personal assets are at risk in case of any legal issues. For example, a sole proprietorship has unlimited liability and personal assets are at risk, while a limited liability company (LLC) has limited liability, which means that personal assets are protected, and taxes are usually lower than those of a corporation.

The Form of Legal Ownership That an Entrepreneur Chooses for a Venture