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6 - DISAVANAGE Smaller amount of efficiency Limited access...

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06/02/2008 15:54:00 Business 2/6 Exam- essay, short answer, ID and significance…re-read all the cases.  Business Forms Sole propiertorship Partnership Corporations ‘c’ corp. ‘s’ corp. llc Key trade offs Liability Control Tax treatment Sole proprietorship is a business owned and operated by one individual Advantages Sole control Keep all the profits and allocate them as you wish Secrecy – you don’t have to file any public documents. No one knows how much  money you are bringing in.  Government regulation- less laws holding you back because they only deal with  larger companies Easy to close the business Distribution of profits- Disadvantage All the responsibility, no one is an expert in all areas, marketing, finance etc. (KEY 
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Unformatted text preview: DISAVANAGE) Smaller amount of efficiency Limited access to capital/credit…you are relying on your personal accets to get loans form banks your house might taken away if you don’t succeed If you die the company dies with you. Hard to exit your profession Partnership is an association of two of more persons who carrt on as co-owners of a business profit. General partnership-Limited partnership Joint venture A partnership established for a specific project of a limited time. Partnership advantages-• Ease of organization S corporations- most popular form of coprporation...
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