MGM101H5 Lecture Notes - Lecture 6: Sole Proprietorship, Legal Personality, Double Taxation
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MGM101H5 Lecture Notes - Lecture 6: Sole Proprietorship, Legal Personality, Double Taxation
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Document Summary
Chapter: forms of business ownership: types of ownership, sole proprietorship, partnership, corporations, sole proprietorship, business owned and managed by one person, advantages: Starting a business is easy in sole proprietorship. All you have to do is buy or lease the needed equipment and create awareness that you are doing this particular business. There is single owner thus there is no need to consult with anyone regarding business decisions. Permit or license from government is required to operate business. Owner is responsible for all the tasks and duties. Owner is responsible both for failures(mistakes ) and success. People managing their own businesses have a sense of pride as they are solely responsible for success of their decisions. Being the only operator of business there is no need to share the profits from sales with anyone else. Thus it acts as a motivator to work even more and earn as much as you want.
