Question

The form of business ownership that usually requires the most detailed recordkeeping is the:

Select one:
a. sole proprietorship
b. general partnership
c. corporation
d. limited liability partnership

Answer 1

A corporation is the form of business ownership that usually requires the most detailed recordkeeping due to its large and formal structure. The correct option is (c).

Step-by-step explanation:

The form of business ownership that usually requires the most detailed recordkeeping is the corporation. A corporation is a large and formal business structure that requires extensive recordkeeping to comply with legal and financial regulations.

As a corporation sells shares of the company to raise revenues and potentially becomes a public company, it becomes subject to more stringent recordkeeping requirements. This includes maintaining detailed financial statements, shareholder records, and tax filings.