Textbook Notes (368,317)
Canada (161,798)
MGTA01H3 (583)
Chapter 4

Notes for Chapter 4 of Business, Vol. 1, 2e

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Management (MGT)
Chris Bovaird

MGTA03 Business, Volume 1 R. Griffin, R. Ebert, F. Starke Chapter 4 Understanding Legal Forms of Business Organization Organizing Options; Forms of Business Ownership Sole Proprietorship - Sole proprietorship: a business owned and operated by one person; the business is considered an extension of the sole proprietor, not a separate legal entity - Sole proprietorships account for a small portion of total business revenues o Advantages of a Sole Proprietorship freedom; sole proprietor is the only boss in hisher business and does not have to answer to anyone no need to register easy to form; very simple legal setup procedures and low start-up costs tax benefits o Disadvantages of a Sole Proprietorship unlimited liability: sole proprietor is responsible for all debts, owner may be obliged to pay out of own pocket lack of continuity: business will legall
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