COMM 102 Lecture Notes - Lecture 8: Canpotex, Snack, Leveraged Buyout
Document Summary
Sole proprietorship a business that is owned and usually managed by one person in the community. Partnership two or more persons agree to be co-owners of a business. Depends on what the company is trying to achieve. Advantages: ease of start/end, be your own boss, direct control, pride of ownership, retain proit, no corporate taxaion, success is yours, flexibility, own direcion, pay only income tax instead of business taxes. Disadvantages: unlimited liability - responsible for all other thing (leases, etc, limited inancial resources, management diiculies, overwhelming ime commitment, trouble inding qualiied employees, limited (slow) growth, limited lifespan. Advantages: more access to capital, shared management, experise, longer survival, shared risk, no corporate taxaion, limited liability, support. Disadvantages: unlimited liability, division of proits, potenial disagreements among partners, diicult in exiing/dissolving, conlict. A legal enity with an existence and life separate from its owners, who are not personally liable for the enity"s debts.
