18.) Conventional Corporation: a state chartered legal entity with authority to act and have liability seperate from its owners.
Limited Liability Corporation: is a flexible form of enterprise that blends elements of partnership and corporate structures.
A LLC is formed by members, a corporations is formed by filling out forms. They are different because they are taxed differently.
14.) Most retails procure goods from producers for resale. This is because manufactoring and creating the product can get expensive. You have to market, which consists of planning, pricing, promoting, selling, and distributing the goods. All of these things cost money, and things can add up and sometimes be more than your actual profit.
20.) talk to Laura for this one :)
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