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Answer :
Final answer:
Eric should pursue a general partnership to open a shoe store with his friend. This structure allows for shared responsibilities, profits, and risks, making it suitable for their collaborative business. Other options like sole proprietorship or franchises do not align with their intentions to work together.
Explanation:
Choosing the Right Business Structure
Eric and his best friend want to open a shoe store together. The best type of business structure for them to pursue is a general partnership (Option D). Here’s why:
- General Partnership: This type of business is specifically designed for two or more people to collaborate. They can share responsibilities, risks, and profits from the business, which can be beneficial in terms of management and financial obligations.
- Sole Proprietorship: This is organized by one person, making the owner solely responsible for all debts and liabilities. Since Eric wants to partner with his best friend, this structure wouldn’t be suitable.
- Franchise: While this option involves opening a franchise of an existing business model (which can be advantageous), it doesn’t reflect the partnership element Eric desires with his friend.
- Non-profit: This type of organization is meant for services rather than earning profits, which wouldn’t align with their goal of opening a shoe store.
In summary, a general partnership would allow Eric and his friend to work together effectively while sharing the management of their shoe store.
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