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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This note was uploaded on 03/01/2010 for the course ACCT 2301 taught by Professor White during the Spring '08 term at Central Texas College.

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Chapter 1 Lecture Notes - Disadvantages: proprietor...

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