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FIN Unit 1 DB - Unit 1 Discussion Board Lorraine Huff June...

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Unit 1 Discussion Board Lorraine Huff June 9, 2010 There are three forms business organization; sole proprietorship, partnership, and the corporation. A sole proprietorshipA business owned by a single individual. is a business owned by one person. A partnershipA business formed by two or more individuals or entities. is similar to a proprietorship, except that there are two or more owners, or partners. The CorporationA business created as a distinct legal entity owned by one or more individuals or entities. is the most important form of business organization in the United States. A corporation is a legal “person” separate and distinct from its owners, and it has many of the rights, duties, and privileges of an actual person. Advantages of sole proprietorship are that it is the easiest and least costly form of ownership and that the owners are in complete control of legal company decisions. They also receive all income produced by the company to reinvest or keep and profits flow directly to the owner’s personal tax return. Sole proprietorship is also very easy to dissolve. Some
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