Bus 101-Forms of Business

Bus 101-Forms of Business - Nicholas Connolly Bus 101 Dr....

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Nicholas Connolly Bus 101 Dr. Barr 3/31/2009 Forms of Business Ownership There are three main categories when it comes to legal ownership in business. They are similar in some ways, but very different in others. The three different forms of business ownership are proprietorships, partnerships, and corporations. The most common form is sole proprietorships that make up 73%, corporations that make up 21%, and partnerships that only make up 6% of business ownership. Each form has its advantages and disadvantages and are ran under different structures and rules. Sole proprietorship only has one owner, which creates different advantages and disadvantages when running it. They have unlimited personal liability for business debt. The advantages of sole proprietorship are that the owner collects all profits, it can be formed and dissolved easily, and the owner is its own boss so there is much flexibility. Disadvantages though are that they have unlimited financial liability, they are limited by
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Bus 101-Forms of Business - Nicholas Connolly Bus 101 Dr....

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