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Chapter 1 Lecture Notes

Chapter 1 Lecture Notes - Disadvantages • proprietor...

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Chapter 1 Lecture Notes Chapter 1 Outline Study Objective 1: Describe the Primary Forms of Business Organization A business may be organized as a sole proprietorship , partnership , or corporation . Sole proprietorship - a business owned by one person. Advantages: simple to establish owner controlled tax advantages
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Unformatted text preview: Disadvantages: • proprietor personally liable for all business debts • financing may be difficult • transfer of ownership may be difficult Partnership- a business owned by two or more people Advantages: • simple to establish • shared control • broader skills and resources • tax advantages Disadvantages • partners personally liable for all business debts • transfer of ownership may be difficult...
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Chapter 1 Lecture Notes - Disadvantages • proprietor...

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