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Copyright Atomic Dog Publishing, 2006 Business Legal Forms
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Copyright Atomic Dog Publishing, 2006 Capital, revenue and cost are intertwined: changes to 1 component will have an effect on the other 2. Launching a new venture requires an infusion of capital during the early stages. First, the venture must establish a legal form that will enable it to raise debt or equity. then must decide on legal form of company.
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Copyright Atomic Dog Publishing, 2006 Sole Proprietorship Oldest, common form of private business ownership in the US: only 1 owner the law regards sole proprietor as the company. owner acts as manager owner provides capital from personal savings and borrowings managerial ability accounts for the success or failure of the business.
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Copyright Atomic Dog Publishing, 2006 Advantages and Disadvantages of a Sole Proprietorship Disadvantages of a sole proprietorship: Unlimited liability Difficulty in raising capital Limitations in managerial ability Lack of stability Demands on time Difficulty in hiring and keeping motivated employees Advantages of a sole proprietorship include: Ease of starting Control Sole participation in profits and losses Use of owner’s abilities Tax breaks Secrecy Ease of dissolving
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Copyright Atomic Dog Publishing, 2006 Partnership Partnership law in the United States has been derived from the Uniform Partnership Act (UPA). UPA defines partnership as “an association of two or more persons to carry on as co-owners of a business for profit.” Partnership can be based on a written contract or legal oral agreement.
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