1. advise the owners of a declining business to: Pick the one key reason the bus

ID: 1222778 • Letter: 1

Question

1. advise the owners of a declining business to:

Pick the one key reason the business is declining and focus on fixing it.

Identify all the problems and hire a consultant to develop a turnaround plan.

Identify all the problems and focus first on the problem that will be the easiest to resolve.

None of these answers are correct.

2. If a business owner’s efforts to turn around the business fail, what is the best option?

Declare bankruptcy of the business

Personally pay the debts of the business.

Declare personal bankruptcy

Have a going out of business sale

Which legal form of business best protects an owner’s personal assets when he or she must declare business bankruptcy?

Corporation and limited liability corporation

Partnership and limited liability partnership

Sole proprietor

All of these will protect an owner’s personal assets

Declare bankruptcy of the business

Personally pay the debts of the business.

Declare personal bankruptcy

Have a going out of business sale

1. Advise the owners of a declining business to:

* Pick the one key reason the business is declining and focus on fixing it.

2. If a business owner’s efforts to turn around the business fail, what is the best option?

* Declare bankruptcy of the business.

3. Which legal form of business best protects an owner’s personal assets when he or she must declare business bankruptcy?

* Corporation and limited liability corporation.

*****

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