Identify six factors affecting the choice of the most appropriate form of business enterprise. Name the nine forms of business associations discussed in the chapter
The choice of the most appropriate form of business enterprise cannot be determined in a general way, but depends on the particular circumstances of the owners.
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Factors to consider include: ease of formation, taxation issues, external liability, degree of management and control, transferability of the ownership interests, and continuity of the business upon the death, bankruptcy, or withdrawal of an owner.
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Forms of business associations include: sole proprietorship, general partnership, joint venture, limited partnership, limited liability company, limited liability partnership, limited liability limited partnership, corporation, and business trust.
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As the amount of misstatements that the auditor believes to be material increases, the auditor is more likely to
A. Change to a larger sample size. B. Use a more effective procedure. C. Direct tests toward independent parties outside the entity. D. Perform tests at interim dates.
As the salesperson entered the prospect's office, the salesperson extended his hand and said, "Your old college roommate, Tiara Johns, suggested I call on you." This action occurred in which stage of the personal selling process?
A) approach B) prospecting C) preapproach D) close the sale E) follow-up