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Lecture

November 1, 2010 Legal Forms of Business Ownership (cont) Lecture Notes for Different Types of Business Ownerships

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Department
Business
Course
BU111
Professor
Jim Mc Cutcheon
Semester
Fall

Description
November 1 2010 Legal Forms of Business Ownership contPartnerships make up 9 of business 4 of total salessole proprietorships make up 74 of business9 of total salesCorporations make up the remainderremainder When to Incorporate from a Tax Perspective Sole Proprietorship Advantages Disadvantages Easy to form and dissolveUnlimited liabilityOwner has sole claim on all the profitsDifficulty in raising capitalHigh levels of personal incentive freedom and satisfactionLack of continuitySpeed of decision makingManagement LimitationMaximum levels of secrecyTax disadvantagesTax advantagesGovernment support small businessPartnerships Def An unincorporated business owned and operated by more than one person for his or her own private profitPartnerships are always formed by agreementThis agreement can be either verbal or written should be in writing called a Partnership AgreementThe Partnership Agree
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