Business structures: Select the correct form of ownership

Difficult and costly to start

• Sole proprietorship

•   Partnership

• Corporation

Easiest form to start and most common form of business.

• Sole proprietorship

•   Partnership

• Corporation

Unlimited legal and financial responsibility is shared.

• Sole proprietorship

•   Partnership

• Corporation

Requires an agreement to start

• Sole proprietorship

•   Partnership

• Corporation

Owner keeps all of the profits

• Sole proprietorship

•   Partnership

• Corporation

Businesses must name a board of directors

• Sole proprietorship

•   Partnership

• Corporation

Time commitment, responsibilities, and profits/losses are shared.

• Sole proprietorship

•   Partnership

• Corporation

1.    Owner responsible for all debts and funding can be difficult to obtain

• Sole proprietorship

•   Partnership

• Corporation

Owners are called shareholders

• Sole proprietorship

•   Partnership

• Corporation

Must publish annual reports

• Sole proprietorship

•   Partnership

• Corporation