Solutions.docx - 1 It is easy to form 2 Its easy quick...

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1. It is easy to form. 2. It’s easy, quick, simple, adaptable and affordable 3. o Single owner status o Unlimited liability o The owner is individually responsible for all losses of the business o Limited skills and capabilities o Limited access to capital o Challenges in transitioning the business to other owners 4. Sole Proprietorship 5. Taxed as personal income 6. Sole Proprietorship 7. Limited Partnership and General Partnership 8. Each partner has authorization powers and the ability enter the partnership into business contracts. 9. Limited Partner 10. Articles of Partnership 11. More than one person owns the business and potentially has access to additional resources. 12. o Acquisition of complementary skills and talents o Flexibility of division of profits o Larger pool of capital with the ability to attract more partners o Minimal government regulation 13. o Unlimited liability of at least one partner who is personally responsible for the losses and other obligations o
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