Description should include types such as sole proprietorship, partnership, and corporation. Description should also include the basic operational organization, necessary license or charter, and advantages and disadvantages for each.
Process/Skill Questions:
- What are general and limited partners, and what are their roles in a partnership?
- What are the advantages and disadvantages of various types of business ownership?
- What documentation is required to set up various types of businesses?
- How does franchising work in the fashion industry?
- What are advantages and disadvantages of owning your business vs. working for someone else?
- What types of risks do entrepreneurs face?