The Legal and Ethical Environment of Business: "Chapter 11: Business Organizations"

Read the introductory materials for Chapter 11, which covers the various business entities found in the United States. Note the common characteristics of all businesses, as well as the great diversity found in the business world. To deal with the diverse needs of businesses, a multitude of business organization forms have been recognized. Note the importance of limited liability and tax consequences in choosing a business form. The law treats many business entities as if they are real persons in several important ways.