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Forms of business ow

advantages/disadvantages

QuestionAnswer
What are the advantages of a sole proprietorship? Ease of starting and ending business Boss, pride of ownership Leaving a legacy Retention of company profits No special taxes
What are the disadvantages of a sole proprietorship? Unlimited liability Limited financial resources Management difficulties Overwhelming time commitment Lack of fringe benefits Limited growth and life span
What are the advantages of a partnership? Financial resources Complementary skills and knowledge Greater chance of survival Profits taxed as personal income
What are the disadvantages of a partnership? Unlimited liability Division of profits Disagreements with partners Difficulty of termination
What are the advantages of a corporation? Limited liability Ability to raise more money Size Perpetual life Ease of ownership change Attract talented employees Separation of ownership with management
What are the disadvantages of a corporation? Initial cost Expensive paperwork Double taxation 2 tax returns Size Difficulty of termination Conflict with stockholders and board of director
Created by: ingrid.mok