Chapter 8: Business types - Chapter 8: Business Types There...

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Chapter 8: Business TypesThere are many different business types. Each business comes with a certain amount of responsibilities and liabilities. Depending on the owner's preferences they can choose to have a sole proprietorship, partnership, or corporation.The easiest business to set up is a sole proprietorship. A sole proprietorship is a business owned and managed by one person. This type of business has an ownership structurein which the owner earns all of the firm’s profits and is responsible for all its debts. To be a successful sole proprietor, you have to be a risk taker for greater satisfaction and greater financial earnings.There are many advantages and disadvantages of a sole proprietorship. The main advantage ofthe sole proprietorships is that it's an easy start-up. With just a small amount of paperwork and legal expense required, pretty much anyone can start a sole proprietorship business. The start

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Term
Fall
Professor
Stephen
Tags
Economics, Business Law, Chapter 8, Corporation, Chapter Summary, Business Types, partner, Types of companies, Legal entities

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