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AIM:  Discuss sole proprietorship and partnership legal form. Do Now:  Why is important to define a target market and mark...
Sole Proprietorship <ul><li>is a business that is owned and operated by one person.  </li></ul><ul><li>Receives profit, in...
Questions to ask: <ul><li>How much liability protection, or insurance, do you need? </li></ul><ul><li>Do you need to see i...
Advantages of the Sole Proprietorship <ul><li>Simple to create </li></ul><ul><li>Least costly form to begin </li></ul><ul>...
Disadvantages of the Sole Proprietorship <ul><li>Unlimited personal liability </li></ul><ul><li>Limited skills and capabil...
Unlimited Liability <ul><li>Full responsibility for all debts and actions of the business. </li></ul>
How to Set Up a Sole Proprietorship <ul><li>Think of a Name </li></ul><ul><li>Hire employees (EIN-Employer Identification ...
Liability Features of the Basic Forms of Ownership Sole Proprietorship Claims of Sole Proprietor’s Creditors Sole Propriet...
Activity <ul><li>Pick you partner carefully on page 137 </li></ul>
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12 4 08

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Transcript of "12 4 08"

  1. 1. AIM: Discuss sole proprietorship and partnership legal form. Do Now: Why is important to define a target market and market niche?
  2. 2. Sole Proprietorship <ul><li>is a business that is owned and operated by one person. </li></ul><ul><li>Receives profit, incurs loses, and is liable for the debts of the business. </li></ul>
  3. 3. Questions to ask: <ul><li>How much liability protection, or insurance, do you need? </li></ul><ul><li>Do you need to see investment capital? </li></ul><ul><li>What effect will the business have on your tax status? </li></ul>
  4. 4. Advantages of the Sole Proprietorship <ul><li>Simple to create </li></ul><ul><li>Least costly form to begin </li></ul><ul><li>Profit incentive </li></ul><ul><li>Total decision-making authority </li></ul><ul><li>No special legal restrictions </li></ul><ul><li>Easy to discontinue </li></ul>
  5. 5. Disadvantages of the Sole Proprietorship <ul><li>Unlimited personal liability </li></ul><ul><li>Limited skills and capabilities </li></ul><ul><li>Feelings of isolation </li></ul><ul><li>Limited access to capital </li></ul><ul><li>Lack of continuity </li></ul>
  6. 6. Unlimited Liability <ul><li>Full responsibility for all debts and actions of the business. </li></ul>
  7. 7. How to Set Up a Sole Proprietorship <ul><li>Think of a Name </li></ul><ul><li>Hire employees (EIN-Employer Identification Number) </li></ul><ul><li>Sales Tax Identification number if you are a vendor or retailer. </li></ul>
  8. 8. Liability Features of the Basic Forms of Ownership Sole Proprietorship Claims of Sole Proprietor’s Creditors Sole Proprietor’s Personal Assets
  9. 9. Activity <ul><li>Pick you partner carefully on page 137 </li></ul>
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