Explain thecreation, negotiation, and approval of contracts for the most common types of business entities.

• Analyzethe pros and cons of each entity in this context.
• For each type of business form, indicate who or what in the legal structure of the business has the authority to perform these functions: create, negotiate, and approve contracts.
• Explain the advantages and disadvantages inherent in each of the fourbusiness forms with regard to contract creation, negotiation, and approval of contracts.
• Sole proprietorship.
• General partnership.
• Corporation.
• Limited liability company (LLC).

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Sole Proprietorship Creation of Contracts In a sole proprietorship the owner has full authority to create negotiate and approve contracts The individu... View the full answer