1-Entrepreneurship 1

1-Entrepreneurship 1 - BMGT 110 Introduction to Business...

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BMGT 110 Introduction to Business Management Entrepreneurship 1
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The Three Primary Forms of Business Organizations Sole proprietorships Partnerships Corporations
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Comparison of Sole Proprietorships, Partnerships, and Corporations Source: U.S. Bureau of the Census, Statistical Abstract of the U.S. 2003, (Washington, D.C.: U.S. Government Printing Office, 2004), p. 459.
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Sole Proprietorships A sole proprietorship is a business owned and operated by one individual Common examples include Many restaurants Barber shops Flower shops Dog kennels Independent grocery stores
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Advantages and Disadvantages of the Sole Proprietorship Advantages Ease and cost of formation Secrecy Distribution and use of profits Control of the business Government regulation Easy to close the business Disadvantages Unlimited liability Limited sources of funds Limited skills Lack of continuity Lack of qualified employees
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A partnership is an association of two or more persons who carry on as co-owners of a business for profit. Represents just 8 percent of U.S. businesses Accounts for only 10 percent of sales Accounts for 19 percent of income
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1-Entrepreneurship 1 - BMGT 110 Introduction to Business...

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