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MGT111-Studyguide Quiz 2

MGT111-Studyguide Quiz 2 - Business Review Sheet Chapters 5...

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Business Review Sheet: Chapters 5, 6, 7, 8 CHAPTER FIVE: o Objectives o Discuss the features, advantages and disadvantages of the different legal forms of business, from simplest to most complex: o Sole Proprietorships: the simplest o General and Limited Partnerships: less simple o Corporations: most complex o Franchises: any of the above Sole Proprietorships: PROS CONS Easy to start up Unlimited liability: you are responsible for all debts by business Pride and independence of ownership Limited resources: Financial support, Human Resources (no resources to attract high salary people). Can leave a legacy Time commitment Simple tax: does not mean fewer taxes, just administratively simpler. Growth potential (because of limited resources) Partnerships: PROS CONS More resources available: complimentary talents Unlimited liability Can share the load Division of profit (divided) Longer survival: in case of departure of partner Potential high for disagreements No special taxes: profits = personal income
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