Checkpoint Proprietorship,Partnerships, Corporations

Checkpoint Proprietorship,Partnerships, Corporations -...

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PROPRIETORSHIP, PARTNERSHIP AND CORPORATION 1 Proprietorship, Partnership and Corporation 8/27/2011 Ty Harman ACC 220 Heath Braby
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PROPRIETORSHIP, PARTNERSHIP AND CORPORATION 2 The difference between a proprietorship, partnership and a corporation is mainly who has control of the company and who came make the decisions on where the company wants to go. With proprietorship you are the sole owner, partnership is more than one owner and a corporation will have board members or shareholders that invest with the company. Entrepreneur would have many good and bad things about doing either one of the different types of businesses. The entrepreneur would do proprietorship to own the company so they can make their own decisions; the bad part is everything is on your shoulders if something were to go wrong, or if you had to pay people back all the cost can come right out of your own pocket. With a partnership you would be able to split the cost, not carry the bulk of the work
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Unformatted text preview: load, but if you and your partner begin to fight then you might have to deal with buying each other out which can hurt a company financially and hurt their integrity. Corporation is good if you have a lot of employees; money problems do not directly come out of your pocket, the bad thing is that you lose all your say in what you want your company to invest and market cause that is going to be decided by the shareholders and what they want the company to do. If I was starting a new business the type of owner ship that I would do would be proprietorship. I have seen it to where the partners have disagreed and one bought out the other which ultimate lead to the companys demise. Corporation would be a good option if I became a fortune 500 companies later in life, but I want control of the company and how it would spend its money and be able to structure it the way I wanted it to be run....
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This note was uploaded on 12/18/2011 for the course ACCOUNTING 225 taught by Professor Mattwilliams during the Spring '11 term at University of Phoenix.

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Checkpoint Proprietorship,Partnerships, Corporations -...

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