Joel and Mike would like to start a new business selling a product new to the U. S., the Peraves Monotracer. Joel and Mike have done a considerable amount of research on this product, and think it would be successful in the U. S. However, they are still concerned about the risk of a new venture and both would like to avoid losing any personal assets. They should organize their firm as a:.

Full question:

Joel and Mike would like to start a new business selling a product new to the U.S., the Peraves Monotracer. Joel and Mike have done a considerable amount of research on this product, and think it would be successful in the U.S. However, they are still concerned about the risk of a new venture and both would like to avoid losing any personal assets. They should organize their firm as a

Multiple Choice

corporation.

limited partnership.

general partnership.

sole proprietorship.

They should organize their firm as a   corporation.

Explanation:

A corporation is a kind of business process that represents the business as a separate, legitimate entity managed by a group of directors identified as the board of directors.

An essential component of a corporation is confined liability, which indicates that shareholders may practice share in the profits by dividends and stock recognition but are not individually responsible for the company's shares. A corporation's purposes can be for-profit or not, as with donations. Still, the huge preponderance of corporations intends to afford a return for its shareholders.

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