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business organizations

business organizations - Sean Chapin Business Environment...

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Sean Chapin Business Environment 11/12/2007 Business Organizations There are many different advantages to sole proprietorships, partnerships and corporations, and each has their own strengths and weaknesses, which all vary greatly. A sole proprietorship is when a business is run and maintained by a single person. The main advantages to a sole proprietorship are; the owner has complete control over the business and all business decisions, receives all money from profits, has the ability to sell or lease at their leisure, there are minimal legal costs and formal business requirements, and it is the most simple and common in the United States. On the other hand, there are some disadvantages to a sole proprietorship as well, such as; the owner is personally responsible for all debts, obligations, and even liabilities that occur, also the owner has to make all choices on his or her own, and usually investors won’t invest in sole proprietorships, so they are difficult to finance. A partnership is a company that is owned and facilitated by two or more partners. A partnership has many advantages and disadvantages, the main advantages being; there
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