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This depends on a lot of factors. Is the person above or below you on the food chain? What country are they from? What type of business is this? What is the culture? Do you know them already, or are you meeting them for the first time? Are you alone or with a group?
If I was meeting with a plant manager for a blue-collar manufacturing company, I would wait for them to sit first and just sit down (but not wait to be asked). If I were meeting with an elderly businessperson from Korea, I would bow and wait for them to invite me to sit.
Even if this answer is multiple choice, it has many more than two options to choose from.