Question

Two important considerations when choosing a form of business ownership is:

Select one:
a. Number of employees and banking access.
b. Taxes and liabilities
c. liabilities and assets
d. Number of small businesses vs. Large businesses currently formed and percentage of profits that each form brings to the nation's GDP

Answer 1

Two important considerations when choosing a form of business ownership are taxes and liabilities.

Step-by-step explanation:

When choosing a form of business ownership, two important considerations are taxes and liabilities. Taxes refer to the amount of money that a business must pay to the government, while liabilities refer to the legal responsibility of a business owner for any debts or obligations incurred by the business.

For example, a sole proprietorship is a form of business ownership where one person is solely responsible for all the debts and liabilities of the business. This means that if the business goes into debt or faces a lawsuit, the owner's personal assets may be at risk. On the other hand, a corporation is a form of business ownership where the business itself is a separate legal entity, which means that the owners have limited liability and their personal assets are generally protected.

Therefore, when choosing a form of business ownership, it is important to consider the tax obligations and the level of liability that comes with each option.