ACC 220 Week 2 CheckPoint Proprietorships, Partnerships, & Corporations

ACC 220 Week 2 CheckPoint Proprietorships, Partnerships, & Corporations

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The task of beginning a new business can be a challenging one. If I were starting a new  business, I would carefully weigh the advantages and disadvantages of sole proprietorship,  partnership, and corporation to determine which of them fits best into my overall business idea.   The term 'sole proprietorship' is used to refer to a business that has only one owner.  Businesses that have sole proprietorship are relatively inexpensive and easy to start, and the  decision making can take place according to the abilities of the owner. The owner of a sole  proprietorship receives all business profits; however, he/she will be legally liable for all risks,  debts, and obligations associated with the business. Businesses that have sole proprietorship  are limited in terms of ability to raise capital and expand.
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This note was uploaded on 01/24/2012 for the course ACC 220 ACC 220 taught by Professor Black during the Spring '11 term at University of Phoenix.

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