Complete each gap in this text with a suitable word from this list.
A company is a (1) legal entity, allowed by (2) _____, which permits a group of people, as (3) _____, to establish an organization, which can then focus on pursuing set There are various forms of legal business entities ranging from the (11) _____, who alone bears the risk and responsibility of running a business, taking the profits, but as such not forming any association in law and thus not regulated by special rules of law, to the (12) _____ company with (13) _____ liability and to multinational (14) _____. In a (15) _____, members “associate”, forming collectively an association in which they all participate in management and sharing (16) _____, bearing the liability for the firm’s (17) _____ and being sued jointly and severally in relation to the firm’s contracts or tortious acts. Limited liability companies, or corporations, unlike partnerships, are formed not simply by (18) _____ entered into between their first members; they must also be (19) _____ at a public office or (20) _____ designated by law or otherwise obtain official acknowledgement of their existence. While reading the information about “Factors to Consider in Choosing Forms of Business Organization” fill in the missing words in each text according to the context. Use the words given in the boxes before each text. Each type of business structure possesses certain advantages and disadvantages that must be considered in deciding which form of business organization to select. Some of these important attributes are: Limited liability, Taxation, Formalities, Financing, Management, Life of the business, Liquidity of investment.
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