Asked by Colleen Laferty on Mar 10, 2024
Verified
When first starting out in business, lawyers often begin their business as a
A) sole proprietorship.
B) limited liability corporation.
C) non-profit organization.
D) corporation. .
Sole Proprietorship
A business structure where a single individual owns, manages, and is responsible for all aspects of the business, including liabilities.
Limited Liability Corporation
A business structure where the owners have limited personal liability for the debts and actions of the corporation.
Corporation
A corporation is a legal entity that is separate from its owners, offering limited liability to its shareholders and having the ability to own property, sue, and be sued.
- Acquire knowledge on the essential types of business organization, such as sole proprietorship, partnership, and corporations.
- Recognize the legal and operational implications of working in a sole proprietorship.
Verified Answer
BE
Brandi Elmore-HeydenreichMar 10, 2024
Final Answer :
A
Explanation :
When first starting out in business, lawyers often opt for a sole proprietorship due to its simplicity and ease of setup, allowing them to operate individually without the need for complex legal structures or significant startup costs.
Learning Objectives
- Acquire knowledge on the essential types of business organization, such as sole proprietorship, partnership, and corporations.
- Recognize the legal and operational implications of working in a sole proprietorship.