which business must be officially approved by the state’s Sec. of State’s office in order to exist?
Which of the following business entities must be officially approved by the state’s Secretary of State’s office in order to exist, legally speaking? (List all that apply.)
(a) a joint venture; (b) a general partnership; (c) a limited partnership; (d) a business corporation; (e) a business trust; (f) a limited liability company; (g) a professional corporation; (h) a sole proprietorship.
Please Help, I am so hung up on this question. Only answer if you truly know the correct answer. Thank you, your help is very needed =)
These must be sanctioned by a secretary of state, because they are legal entities:
1) a business corporation
2) a limited liability company
3) a professional corporation
#2 are most often referred to with the acronym LLC. #3 seem to be used most often by professionals like doctors’ groups, architects, and so on. I’ve seen it called P.A. and P.C. (for professional corporation). Depends on the state of incorporation’s standards.
If you look at the remaining options, none of them are a form of incorporation, so the owner(s) will always bear personal financial responsibility for their business.
These must be sanctioned by a secretary of state, because they are legal entities:
1) a business corporation
2) a limited liability company
3) a professional corporation
#2 are most often referred to with the acronym LLC. #3 seem to be used most often by professionals like doctors’ groups, architects, and so on. I’ve seen it called P.A. and P.C. (for professional corporation). Depends on the state of incorporation’s standards.
If you look at the remaining options, none of them are a form of incorporation, so the owner(s) will always bear personal financial responsibility for their business.
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