Proprietorships, partnerships, & corperations

Proprietorships, partnerships, & corperations -...

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Susan Lewis 2/23/2012 Proprietorships: A business owned by one person is a proprietorship. Partnerships: A business owned by two or more people is a partnership. Corporations: A business that is organized as a separate legal entity owed by stockholders is a corporation. As an entrepreneur I would choose a proprietorship over a partnership or corporation. The reason I would choose to own a business as a sole proprietor over a partnership is because I am not sure that I know anyone that I would trust enough to believe they would hold up their end of the bargain. I would not want to be left in debt or out of business because my partner failed to
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Unformatted text preview: keep their responsibility to the business. I have seen this happen to too many small business owners around me. I would not want to be the business partner of the person who failed to pay the bills on time or failed to order the correct amount of merchandised. I would choose a proprietorship over a corporation because I would like to open a small business in which I will have full control over the decisions made. I do plan to open a small business and plan to have a personal rapport with each of my clients. It would be difficult to do this with a corporation....
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This note was uploaded on 03/27/2012 for the course BUSINESS acc220 taught by Professor ? during the Spring '12 term at University of Phoenix.

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