MGM101H5 Lecture Notes - Sole Proprietorship, Interferon Beta-1B

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

Test #2 short answer questions l0101: a utm student is starting a new business and is considering the appropriate ownership structure. List and describe two advantages and two disadvantages of sole proprietorship. What are the other two primary ownership models available to the student? (5 marks) 1 mark for each proper description of advantages and 1 mark for each proper description of disadvantages. 0. 5 marks for each of the other primary ownership models identified. Advantages - easy to start requiring minimal investment, full control and retention of profit, no special taxes and less regulation. Disadvantages - unlimited liability, can lack management expertise, limited resources, huge commitment, limited lifespan. Other ownership formats partnerships, corporations: canada economic activity and growth is based on four pillars. list and describe each of these four pillars as they relate to canada"s economy. (4 marks) 1 mark for each correct listing and description of pillar .