CH. 5 Notess-business ownership

CH. 5 Notess-business ownership - Chapter 5 Business...

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Chapter 5 Business Ownership Sole Proprietorship: Advantages… Easiest form of start up Be your own boss Pride of ownership No special taxes Most if not all profit is yours to keep Disadvantages Limited growth because of limited land, labor and capital, and other resources. Harder to hire. Mainly limited to friends and family. Unlimited liability- everything you do wrong is your fault, you’re responsible for the business, what it does and how it does it. No benefits Partnership: Advantages: More financial resources, because business is shared. More knowledge because more heads are in on it. Less time commitment Again, no special taxes. Large portion of profit is yours. Disadvantages: Possible conflicts with partners Unlimited liability- a lot of responsibility on your and your partners. Legal process in dissolving the partnership, harder to quit and get out. L.L.C.
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This note was uploaded on 09/08/2010 for the course BUS 10 at San Jose State University .

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CH. 5 Notess-business ownership - Chapter 5 Business...

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