Forms of Business Ownership - Intro to BusinessJon Wroten
Lecture slides on forms of business ownership for Introduction to Business course. Which type of legal structure is the right one for your business. What are the advantages and disadvantages of the different types of ownership. Introduction to Business Adj.Prof. Jon Wroten
Course Descriptions of Language Subject Areas and Goals of Language Teaching
English Elementary
English Secondary
Filipino Elementarya
Filipino Sekondarya
Forms of Business Ownership - Intro to BusinessJon Wroten
Lecture slides on forms of business ownership for Introduction to Business course. Which type of legal structure is the right one for your business. What are the advantages and disadvantages of the different types of ownership. Introduction to Business Adj.Prof. Jon Wroten
Course Descriptions of Language Subject Areas and Goals of Language Teaching
English Elementary
English Secondary
Filipino Elementarya
Filipino Sekondarya
Post your response to the following focus questionsDescribe a sol.pdffootsmart1
Post your response to the following focus questions:
Describe a sole proprietorship and discuss its advantages and disadvantages.
Describe a partnership and discuss its advantages and disadvantages.
Describe a corporation and discuss its advantages and disadvantages.
Describe an S corporation and discuss its advantages and disadvantages.
Solution
Broadly speaking for conducting any type of Business activity we require to have a Business
entity. If the Business entity is owned and operated and managed by a single paerson then such
Business entity is called a sole Proprietorship. It is most simple and subjected to least terms &
conditions governing the business activities. The main disadvantages includes personal liability
of the owner/ propreitor, which is unlimited. A single person being at the helm of affairs poses
limitations on the development and growth of the business. Propreitorship has its death with the
death of the owner.
A Partnership as the word suggest is that form of Business entity which is owned by two or more
persons and formed under an agreement signed by all owners for some common purpose/ goal
and or objectives. A partnership firm is more complicated than the sole propreitorships, two or
more persons as owners may give advatages of sharing resources, knowledge, skills which are
essential for setting up of businesses of sizes unmanageable by a single person. Pooling diversity
of partners helps in the development and growth of the Business entity. Like sole propreitorship,
the partners under partnerships may be subjected to unlimited liabilities under or arising out of
the business activities of the Partnership firm. There are additional set of rules & regulations
under the law of the land governing the partnership firms.
The third and the most prefered form of business entity is an incorporated firm called corporation
and or company. A corporation/ company is different from its owners. This form of business
entity draws difference between the owner and management of the business entity. Unlike the
earlier set ups of Sole Propreitor and Partnership, the business activies are conducted neither by
sole owner nor by partners but managers who are considered to be having different identity than
the business entity which is also considered as a legal person. A corporation can be sued and it
can also sue others in the court of law.A corporation comes into existence with its incorporation
documents such as Memorandum of Understanding, Articles of Associations, Delegation of
Powers etc. These documents required for giving birth to the corporation varies from state to
state, nation to nation, lews of the land under whose jurisdiction it falls. The main advantage of a
corporation is to give limited liability to its owners who are called share holders and its business
activities are conducted by the professionals having required qualifications and skills. Just like its
birth, its death is not related to that of its share holders (owners).
Discussion of Basic Forms of Business Organization. (Owbership)
Organization → represents a group of people who work together for the achievement of common objective
Types of various business Organizations, includes Sole Proprietor, Partnership, Societies, Joint Stock Companies, Hindu Undivided Family Business in India
Sole Proprietorships and Partnerships What are the four primary disadv.docxrennaknapp
Sole Proprietorships and Partnerships What are the four primary disadvantages of the sole proprietorship and general partnership forms of business organization? What benefits are there to these types of business organization as opposed to the corporate form?
Solution
A Sole Proprietorship is a business with one owner who operates the business on his or her own or employ employees. It is the simplest and the most numerous form of business organization generally, however it is dangerous as the sole proprietor has total and unlimited liability. Self contractor is one example of a sole proprietorship.
Disadvantages of a sole proprietorship
A Partnership is a business with two or more individuals owns and manages the business. Partners share the unlimited liabilities of the business and operate the business together. There are three classification of partnerships: general partnership (partner divide responsibility, liability and profit or loss according to their agreement), limited partnership (in additional at least one general partner, there are one or more limited partner who have limited liability to the extent of their investment), and limited liability partnership (all of the partners have limited liability of the business debts; it has no general partners).
Disadvantages of a partnership
A corporation is a limited liability entity doing business owned by multiple shareholders and is overseen by a board of directors elected by the shareholders. It is distinct from its owners and can borrow money, enter into contracts, pay taxes and be sued. The shareholders gain from the profit through dividend or appreciation of the stocks but are not responsible for the company’s debts.
Disadvantages of a corporation are the benefits from other type of bsuiness organisation as opposed to corporate form:-
.
Sole Proprietorships and Partnerships What are the four primary disadv.docxgentomega
Sole Proprietorships and Partnerships What are the four primary disadvantages of the sole proprietorship and general partnership forms of business organization? What benefits are there to these types of business organization as opposed to the corporate form?
Solution
A Sole Proprietorship is a business with one owner who operates the business on his or her own or employ employees. It is the simplest and the most numerous form of business organization generally, however it is dangerous as the sole proprietor has total and unlimited liability. Self contractor is one example of a sole proprietorship.
Disadvantages of a sole proprietorship
A Partnership is a business with two or more individuals owns and manages the business. Partners share the unlimited liabilities of the business and operate the business together. There are three classification of partnerships: general partnership (partner divide responsibility, liability and profit or loss according to their agreement), limited partnership (in additional at least one general partner, there are one or more limited partner who have limited liability to the extent of their investment), and limited liability partnership (all of the partners have limited liability of the business debts; it has no general partners).
Disadvantages of a partnership
A corporation is a limited liability entity doing business owned by multiple shareholders and is overseen by a board of directors elected by the shareholders. It is distinct from its owners and can borrow money, enter into contracts, pay taxes and be sued. The shareholders gain from the profit through dividend or appreciation of the stocks but are not responsible for the company’s debts.
Disadvantages of a corporation are the benefits from other type of bsuiness organisation as opposed to corporate form:-
.
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5. A partnership is a business between
two or more people. It is the least
common type of all the basic forms of
ownership. Out of all business it
makes the least amount of profits.
7. A corporation is a legal
entity with authority to act
and have liability separate
from its owners.
8. Answer the following questions:
1. What pattern of business ownership has the powers,
attributes, and properties expressly authorized by
law or incident to its existence?
a. Partnership
b. Corporation
c. Sole Proprietorship
2. What is the difference between the sole
proprietorship and partnership?
a. Number of members
b. Settling of obligations
c. Dissolution
3. In one sentence or phrase explain the importance
of business.
