Question: This chapter examines the basic features of three major business formssole proprietorships, partnerships, and corporationsand some of the important advantages and disadvantages of each. The

This chapter examines the basic features of three major business formssole proprietorships, partnerships, and corporationsand some of the important advantages and disadvantages of each. The chapter also covers briefly other types of business organizations, including limited liability companies, joint ventures, syndicates, joint-stock companies, business trusts, and cooperatives. Discuss private franchises and submit your answer to the review question.

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