topic n practice cob200 - A Aledreessi College of Business...

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A. Aledreessi College of Business Ypsilanti, MI 48197 COB200: T.I.P. # 5.1 Memo T o: COB200Class From: A. Aledreessi Fax: NA Pages: 2 Student ID: E00679959 Date: 5/7/2009 Re: Topic in Practice subject : Business Ownership RE: The three basic forms of business ownership: 1. Sole Proprietorship. 2. Partnership. 3. Corporations. A) Sole Proprietorship : Business that is owned and usually managed by one person. Adv’s: 1. Ease of starting and ending the business. (Start and end the business whenever you want) 2. Being your own boss. (No one is yelling up your head, you set the rules) 3. Pride of ownership. (Always proud of your business) 4. Leaving a legacy. (What you leave behind for next generation’s) 5. Retention of company profit. (Pleasure of knowing that you earn as much as you can with no sharing) 6. No special Taxes. (Pays the normal income) Disadv’s: 1. Unlimited liability. (You take the losses so it’s personal) 2. Limited financial sources (because probably you are the only source for money) 3. Management difficulties
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