ACCT 211 DB1 - 3 Advantages complete control over the...

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BTN 1-9 (Beyond The Numbers) "Hitting the Road" on pg. 44. 1. Power Washing by Jet Stream is a sole proprietorship, its main operating activity is power washing homes,decks,fences,roofs,driveways,walk ways, and siding. Mr. Santiago owns and operates his own truck and power washing equipment. He provides his customers with his competitor’s prices and promises to beat their prices. 2. Mr. Santiago wanted to be an entrepreneuer, but he did want to share his income with a partner. Mr. Santiago didn’t want to possibly have to deal with a bad partnership. He plans on pass the business on to his son in the future.
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Unformatted text preview: 3. Advantages: complete control over the business. can sell the business when ready. no corporate tax payments. Little or no legal costs to forming a sole proprietorship. hardly any formal business requirements. Disadvantages: can be held personally answerable for the debts and responsibilities of the business. Owner is responsible for responsibilities and business decisions Owner may not be able to get investors to invest in their business....
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