Forms of Business Ownership
Forms of Business Ownership
There are three basic forms of business ownership, each with advantages and disadvantages:
- Sole Proprietorship--ownership by an individual
- Partnership--ownership by two or more persons
- Corporation--ownership by stockholders
Worksheet
Advantages of the various forms of business ownership include:
- An advantage of a sole proprietorship is the ownership of all _________________.
- An advantage of a partnership is the benefit of _____________________ ____________________ skills.
- An advantage of a coprorate form of ownership is ______________________ financial liability.
Disadvantages of the various forms of business ownership include:
- A disadvantage of a sole proprietorship is ____________________ financial liability.
- Disadvantages of a partnership are __________________ financial liability and _____________________ conflicts.
- Formation and disolution of a corporation may be ________________ and _________________ to establish.