COMMERCE 1B03 Study Guide - Midterm Guide: Sole Proprietorship, Canadian Auto Workers, Industrial Unionism

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 1B03
• Professor: Rita Cossa

Document Summary

~ a business that is owned and usually managed by one person. ~ you and the business are considered one = unlimited liability. No arguing you make all the decisions. Have the ease of starting and ending the business. You are your own boss decide when you want to work. Pride of ownership deserve all the credit for starting own business and taking those risks leave a legacy. Retention of company profit all profits are yours. No special taxes all profits are taxed as the personal income of the owner. Less regulation less regulated than corporations, administration is less costly than a corporation. Unlimited liability the risk of personal losses ~ any debts or damages experienced by the business are your debts and you must pay them. Limited financial resources funds available to the business are limited to the funds that the one owner can gather.