Some examples of tort risk are working injury, product liability and general liability such as when somebody falls on a wet floor. A tort is unintentional or intentional harm to a person or a property of another. Two types of risk are tort risk and contract risk. Liability is a risk that one exposes oneself to when starting a business. Multiple people typically have the additional options of general partnership, limited partnership, or a limited liability company. In addition to these common issues, there are also issues specific to each of them.Ī one-person firm generally has only three choices of business form: sole proprietor, corporation or a limited liability company. Taxation and risk and control are the more significant issues. There are six common issues that distinguish the different business forms: taxation, liability, risk and control, continuity of existence, transferability, expense and formality. Some of the most common business structures are: There exist a number of different business structures that differ in several important aspects.
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