Unit 1 Discussion Post

Unit 1 Discussion Post - Professor Fail and Classmates The...

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Professor Fail and Classmates: The three types of business entities are a sole proprietorship, a partnership, and a corporation. 1) A sole proprietorship “is a company owned by one person. An individual proprietor has title to all business assets and is subject to the claims of creditors.” (Longnecker, Palich & Hoy, 2012), a partnership is owned by two or more people, and a corporation is a business entity separate from its owners. Stakeholders for a sole proprietorship can be the employees, suppliers, and customers. I don’t believe any of these would conflict directly with one another. 2) A partnership is a “legal entity formed by two or more co-owners to operate a business for profit.”(Longnecker, Palich & Hoy, 2012). Three stakeholders in a partnership can include owners, shareholders, and customers. I believe that owners and shareholders might have a conflict because “a manager might engage in self-dealing, entering into transactions that benefit themselves over shareholders.” (Boundless, 2016) 3)
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