Business Ownership Study Guide

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

Requires a charter filed with the government to start

• Sole Proprietorship
• Partnership
• Corporation

Owner keeps all of the profits

• Sole Proprietorship
• Partnership
• Corporation

Double taxation

• 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