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Forms_Of_Business__Class_2_

Forms_Of_Business__Class_2_ - Sole Proprietorship Oldest...

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Sole Proprietorship Oldest and simplest form No legal distinction Primarily small businesses Owned by one, but may have many employees
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Sole Proprietorship Ease of start/end Be your own boss Pride of ownership Retain profit No special taxes Unlimited liability Limited financial resources Difficulty in mgmt. Time commitment Few fringe benefits Limited growth Limited life span Advantages Advantages Disadvantages Disadvantages
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Types of Partnerships General General GP GP GP GP GP GP GP GP Limited Limited GP GP Passive Passive Investor Investor Passive Passive Investor Investor Passive Passive Investor Investor
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General  Partnership More financial  resources Shared mgmt. Longer survival Unlimited liability Division of profits Disagreements  among partners Difficult to terminate Advantages Advantages Disadvantages Disadvantages
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Limited Partnerships Two Types of Partner General Partner Runs Business Has unlimited liability . Limited Partner Cannot Participate in managing business Has limited Liability
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Types of Corporations Regular ‘C’ Closely Held or Private Public Subchapter ‘S’ Limited Liability Corporation
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Corporation More money for                  investment Limited liability Separation of  ownership/mgmt.
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