Asked by Jacob Cadavid on May 14, 2024
Verified
Which types of business organizations are terminated upon death of the owners?
A) Sole proprietorships, partnerships, and corporations.
B) Sole proprietorships and partnerships, but not corporations.
C) Sole proprietorships and corporations, but not partnerships.
D) Corporations and partnerships, but not sole proprietorships.
E) Sole proprietorships, partnerships, and corporations continue to exist after the death of any owner.
Terminated
Refers to the action of ending or concluding something, such as employment, contracts, or legal obligations.
Sole Proprietorships
A type of business owned and operated by one individual, where there is no legal distinction between the owner and the business.
Corporations
Legal entities that are separate and distinct from their owners, providing limited liability, easy transferability of shares, and perpetual existence.
- Compare the initiation, administration, and conclusion stages of diverse business entities.
Verified Answer
Learning Objectives
- Compare the initiation, administration, and conclusion stages of diverse business entities.
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