three main forms of business ownership are Sole Proprietorship‚ Partnership and Corporation. The advantages of Sole Proprietorship include: it’s easy to start up‚ get all the profits‚ has flexibility and single taxation. The disadvantages include: unlimited liability‚ lack of capital and have to do all the work. The advantages of Partnership include: easy to start up and get all the profits. Disadvantages include: unlimited liability‚ lack of continuity‚ and frozen investments. Advantages of Corporation
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any non-corporate business‚ in any state‚ and provides characteristics of a corporation and a partnership. Individual states regulate the operations of the LLCs. However‚ companies with limited liability are different and distinct from a sole proprietorship‚ partnership‚ and corporation. The purpose of the subject is to explain the roles of limited liability corporations (LLC) and partnerships (LLP)‚ and discuss under what circumstances one would choose to use an LLC or LLP to establish his or
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enterprises may take the following forms of ownership: * Individual or Sole Proprietorship It is a business owned by one person. This form of ownership is small‚ requires but little amount of capital‚ and is readily established under the control of one person. It refers to an individual who owns‚ manages‚ assumes all the risks‚ and derives all the products or profits from a business. Advantages of Sole Proprietorship * Easiest to establish. * Easiest to terminate. * Small amount of
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the company. “What are the three basic forms of business ownership? What are the advantages and disadvantages to each” (Cornett‚ Adair‚ &Nofsinger‚ 2014‚ p. 21)? The three basic forms of business ownership are sole proprietorship‚ partnership and corporation. A sole proprietorship is where the business is run by a single person. The advantages of this form of ownership are as follows: • This is the easiest form of business to start • This is affected least by regulations • There is no question
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University of Phoenix Material Business Forms Worksheet There are seven forms of business: sole proprietorship‚ partnership‚ limited liability partnership‚ limited liability company (including the single member LLC)‚ S Corporation‚ Franchise‚ and Corporation. 1. Research and provide three advantages and three disadvantages for each business form. 2. Provide a 100- to 200-word summary in which you provide an example business that you would start for each form. What is legally necessary to file
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businesses are Sole Proprietorship‚ Limited Liability Company‚ Cooperative‚ Corporation‚ and Partnership. Each type of business effects the government and economy in several different ways; either working to better the economy and government or working against it. The way each business works is quite similar‚ they all work together to accomplish the same goal; to make a successful‚ plentiful business worth a lot of money. The first type of business to describe is Sole Proprietorship. This is the
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Introduction to Partnership Accounting Sole Proprietorship – owned by one person assume the profit and expenses Service – oriented business – engages in rendering services Merchandising businesses – buy and sell goods for profit Partnership – composed of two or more persons to contribute to a common fund for a profit that will be divided among themselves Money and property include: cash‚ investment in trading securities‚ trade and other receivables‚ prepaid expenses‚ PPE Industry: service‚ labor
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INTRODUCTION The global spread of coffee growing and drinking all started with a curious goat and that’s what legends say. 9th century Ethiopian goat herder Kaldi drank a concoction made from the beans after seeing his energetic goats eat them. The Sufi monks of Yemen in the 15th century were said to drink it as well. During the 17th century when coffee was introduced to Europe‚ the popularity of cafes followed the same pattern as most coffee houses around the world. It quickly became
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and advantages and disadvantages Type of Ownership * Single or Sole Proprietorship. It is a form of business organization which is owned by one person. The owner personally manages his business. Most of businesses in the Philippines (including those which are not registered) belong to single proprietorship. Examples are retailers‚ market vendors‚ barbers‚ tailors‚ and so forth. a) Advantages of Single or Sole Proprietorship 1) It is easy to organize. Financial capital is small‚ and
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reality during the implementation stage? Student Answer: Capital/money Commitment Management expertise A college education Comments: 5. Question : (TCO 1) The single biggest disadvantage of sole proprietorships is which of the following? Student Answer: Limited resources Limited skills Unlimited liability Double taxation
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