Types of Business ownership

​Business Ownership

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​sole proprietorship

​The sole proprietorship is the simplest business form under which one can operate a business.

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A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name, such as Rafie’s coffeeshop

Open Ended

Mention examples of real life sole proprietorship businesses around you. 

​Discussion: Advantages and Disadvantages

​what do you think are the advantages and disadvantages of A sole proprietorship business?

Open Ended

Discuss then answer: What are the advantages and disadvantages of a sole proprietorship business ? Mention examples 

Use https://www.americanexpress.c om/en-us/business/trends-and-i nsights/articles/what-are-the-ad vantages-and-disadvantages-of- a-partnership/ as a reference for a formal answer. 

​partnership business

By definition, consists of two or more people who combine their resources to form a business and agree to share risks, profits and losses. Common partnership business examples include law firms, physician groups, real estate investment firms and accounting groups.

Open Ended

Discuss then answer: 

What are the advantages and disadvantages of a partnership business ? 

Use https://www.americanexpress.com/en-ca/business/trends-and-insights/articles/what-is-a-partnership-business/ for a reference. 

​PICK A SIDE

​choose a side, if you are staring a business would you prefer it to be a sole proprietorship business or a partnership business?

​TEAM A: SOLE PROPRIETORSHIP TEAM B: PARTNERSHIP

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Open Ended

 Team discussion

Why do you think your choice is better. 

Only one response