CHAPTER 5 - CHAPTER 5 BASIC FORMS OF BUSINESS OWNERSHIP...

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CHAPTER 5 BASIC FORMS OF BUSINESS OWNERSHIP
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THREE MAJOR FORMS OF BUSINESS OWNERSHIP 1 - A SOLE PROPRIETORSHIP is an organization that is owned, and usually managed, by one person; it is the most common form . 2 - A PARTNERSHIP is a legal form of business co-owned by two or more owners . 3 - A CORPORATION is a legal entity with authority to act and have liability separate from its owners .
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I SOLE PROPRIETORSHIPS ADVANTAGES OF SOLE PROPRIETORSHIPS : 1 - Ease of starting and ending the business . 2 - Being your own boss . 3 - Pride of ownership 4 - Retention of profit . 5 - No special taxes
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DISADVANTAGES OF SOLE PROPRIETORSHIPS . 1 - UNLIMITED LIABILITY means that any liabilities or debts you must pay them . 2 - Limited financial resources . 3 - Difficulty in management . 4 - Overwhelming time commitment . 5 - Few fringe benefits . 6
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CHAPTER 5 - CHAPTER 5 BASIC FORMS OF BUSINESS OWNERSHIP...

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