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In: Economics

Although the word “corporation” makes people think of big businesses such as Apple or Microsoft, many...

Although the word “corporation” makes people think of big businesses such as Apple or Microsoft, many small businesses acquire corporate status.

True or False

Solutions

Expert Solution

True.

(Small businesses are not disqualified from attaining corporation status. Many small businesses obtain corporation status. There is a well defined legal procedure for that.

Owners of small business try to attain corporation status before hiring employees. It helps them to protect their assets from being sold to repay debt. Liabilities are shifted from single proprietor to the corporation. )

Rahul Sunny answered 2 years ago
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