owned and managed by a single individual irs- 75% generate 6% of us sales name a few
TRANSCRIPT
Business
Sole Proprietorship
Owned and managed by a single individual
IRS- 75% Generate 6% of US sales Name a few
Advantages/ Disadvantages
Advantages› Start up costs› Few regulations- Taxes› Profits› Control› Discontinue
Disadvantages› Liability› Limited access to resources› Limited life
Partnerships
Owned by two or more people 7% 5-10% of US sales Types
› General› Limited› Limited Liability
Name a Few
Advantages/Disadvantages
Advantages› Ease of Start up› Decision making (Specialization)› More Capital› Taxation
Disadvantages› Liability› Conflict with Partner
Corporations
Legal entity owned by Stock holders limited liability for firm’s debts
Types› Private› Public
Structure- Bd of Directors Name a Few
Advantages/ Disadvantages
Advantages› Limited liability› Transferable ownership› Lots of capital› Long life
Disadvantages› Expensive› Double taxes› Control?› Strict legal requirements and regulations