Unit 1 Lesson 5-Business Ownership

Unit 1 Lesson 5-Business Ownership - Business Ownership In...

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Business Ownership In this lesson, we will discuss the three main forms of business ownership: sole proprietorship, partnership, and corporation. Each form of business ownership has its own advantages and disadvantages. As well, each has its own unique system of accounting. The three forms of business ownership include: • Sole proprietorships • Partnerships • Corporations We will study each form of business ownership individually. Visit the following Government of Canada web site to learn more about these three forms of business ownership: http://www.cbsc.org/osbw/session5/busforms.cfm Sole Proprietorships A sole proprietorship is a type of business that is owned by only one individual, known as the sole proprietor. Accounting in a sole proprietorship is simplest, when compared to the other forms of business. Most of the businesses we will study in this course are sole proprietorships, and so, we will first focus on the accounting cycle for this form of business.
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This note was uploaded on 07/15/2011 for the course AFM 102 taught by Professor Aa during the Summer '07 term at Court Reporting Institute of Dallas.

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Unit 1 Lesson 5-Business Ownership - Business Ownership In...

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