Forms Of Business Organization - JSS1 Business studies Past Questions and Answers - page 2

The main advantage of a sole proprietorship is that it offers easy decision-making and direct control over operations to the owner.

A partnership differs from a sole proprietorship in that it involves two or more individuals who share ownership, profits, and decision-making in the business.

The key features of an LLC include limited liability for owners, flexible management structure, pass-through taxation, and separate legal entity status.

The primary goal of cooperative societies is to meet the common economic, social, or cultural needs of their members through voluntary association and democratic control.

A cooperative society differs from a partnership in that it is formed to serve the collective interests of its members rather than solely for profit-making purposes. Cooperative societies also typically involve democratic decision-making among members.