September 12 - under a written agreement .-No need for a...

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EXAM 1 NEXT TUESDAY IN CLASS 10%. TURN IN STUDY GUIDES AND T/F QUESTIONS CH.1-3,5,6. FROM LEARNING GUIDE. BRING STUDENT ID September 06 Forms of business ownership: What does the government view your business as? It deals with the legalities of a business Sole Proprietorship Advantages - Easy to start and end - Be your own boss - Pride of ownership - Retain profit - No separate taxes Sole Proprietorship Disadvantages - Unlimited liability - Limited financial resources - Management difficulties - Time commitment - Few fringe benefits - Limited growth - Limited life span Partnership: A business owned by two or more people
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Unformatted text preview: under a written agreement .-No need for a written agreement, legally. Only morally right.-Advantages o More resources o Shared management & pooled knowledge o Longer survival o No separate taxes, but are tax forms to file-Disadvantages o Unlimited Liability o Profits are divided o Disagreements between partners o More difficult to dissolve-General partnerships o Need not have same interest in control-Limited Partnership o General partners and limited partners o Limited liability for limited partners- Uniform partnership Act...
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This note was uploaded on 04/22/2008 for the course OLS 274 taught by Professor Goodrich during the Spring '07 term at Purdue University-West Lafayette.

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