wk2assignmentpat1.Baney_Robert - owners that share...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Sole proprietorship is a legal form of business where the individual is personally responsible for the financial and legal aspects of the business. This is exactly what my boss dose; he had gone from a partnership running a restaurant with somebody else. Now he owns and operates this new restaurant that he purchased with cash and pays everything with his money until the business takes off. If this business fails for somebody that operates a sole proprietorship then that means they will lose tons of money and possibly ruin their whole life. Limited liability company AKA LLC, this is a flexible form of business enterprise that blends elements of partnership and corporate structures. This seems to prevent the owner from being completely financially or legally held responsible for their business. This form of business includes franchise restaurant chains, or stores. Partnership is a form of business that takes two business
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: owners that share responsibility of the business according to a prior agreement that is written up in a contract. It is much safer to share this responsibility with another person but you also have to share the profits with another person and you have to accommodate your partner if there is to be any changes in the plans. My boss who purchased his own business also was involved with a partnership, him and another guy purchased and built an Indian food restaurant and now it is successful so he sold his share and went on his own. A joint stock company is any company with transferable ownership interest and unlimited shareholder liability. This form of operation is safer for everyone, this type of business pools peoples saving to increase investment and reduce risk. This form of business spreads responsibility to many people to reduce the risk for each individual person....
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online