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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.docx

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  • 1. 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:-