ib_p04_whatswrong - 5/6/09 21st Century Entrepreneurs Small...

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Unformatted text preview: 5/6/09 21st Century Entrepreneurs Small Business Workshop Corporate Structures and Financing Options Workshop 5/6/09 Types of Firms Sole proprietorship A firm owned by a single individual and not organized as a corporation. Partnership A firm owned jointly by two or more persons and not organized as a corporation. Corporation A legal form of business that provides the owners with limited liability. 5/6/09 Types of Firms Who Is Liable? Limited and Unlimited Liability Asset Anything of value owned by a person or a firm. Limited liability The legal provision that shields owners of a corporation from losing more than they have invested in the firm. 5/6/09 Types of Firms Who Is Liable? Limited and Unlimited Liability SOLE PROPRIETORSHIP PARTNERSHIP CORPORATION Advantages 1. Control by owner 2. No layers of management 1. Ability to share work 2. Ability to share risks 1. Limited personal liability 2. Greater ability to raise funds Disadvantage...
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ib_p04_whatswrong - 5/6/09 21st Century Entrepreneurs Small...

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