BUS 121 UA 3-2

BUS 121 UA 3-2 - UA 3 2 Objective: 1. Describe the legal...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
UA 3 – 2 Objective: 1. Describe the legal forms of business ownership? a. Sole Proprietorship – this type of ownership is owned and operated by individuals. b. Partnership – ownership consists of two or more persons who operate a business as co- owners. c. Corporation – a business structure that creates and entity separate from its owners and managers 2. What are the advantages of each legal form? a. Sole Proprietorship – you have complete control of the business b. Partnership – the pooling of managerial talent and capital to create a product or service that is better than any of the partners could have created individually c. Corporation – the limited liability it offers its owners; the most you stand to lose is the money you invested into the business; if sued, your personal property remains protected from creditors. 3. Why is limited liability important to a stockholder? a.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/18/2011 for the course BUS 121 taught by Professor Smith during the Spring '10 term at Lander.

Page1 / 2

BUS 121 UA 3-2 - UA 3 2 Objective: 1. Describe the legal...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online