Business Ownership and Characteristics

Difficult and costly to start

• Corporation

• Sole Proprietorship

• Partnership

Easiest form to start and most common form of business

• Sole Proprietorship

• Partnership

• Corporation

Unlimited legal and financial responsibility is shared

• Partnership

• Corporation

• Sole Proprietorship

Requires an agreement to start

• Sole Proprietorship

• Partnership

• Corporation

Requires a charter filed with the government to start

• Sole Proprietorship

• Partnership

• Corporation

Owner keeps all 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

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

• Sole Proprietorship

• Partnership

• Corporation

Owners are called shareholders

• Sole Proprietorship

• Partnership

• Corporation