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March T_u1 db_fin - Terrance March FIN410 Unit 1 DB The...

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Terrance March August 28, 2009 FIN410 Unit 1 DB The three forms of business organizations are corporation, sole proprietorship and partnership. A partnership consists of two or more owners in business for a profit. One of the advantages in a partnership is that the financial responsibility and start up cost is shared. The disadvantages are the debts are the responsibility of both partners even is one created it. In saying this, the result if not resolved could cause the partnership to dissolve based upon irreconcilable differences. A sole proprietorship is a business that is owned by one person and is operated for their own profit. Most small businesses are sole proprietors. The owner is responsible for reporting taxes on his or her own income tax at the end of the year and responsible for all debts and liabilities incurred by the business. The advantages to a sole proprietorship are that the owner has complete control and decision-making power over the business, can sell or transfer business at his or her discretion and does not have to pay corporate tax.
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