ADMS 1000 Chapter Course Kit #1: Reading 3 - Course Kit Reading #1

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: Eytan Lasry

Document Summary

Reading 3 - chapter 10 & course kit reading #1. The form of business ownership describes the business"s legal structure. In canada and the u. s, the most common forms of business ownership are: Cooperative (co-op): owned and controlled by the people who work in it. Legal structure of a business is separate from the type of business that is being run. Owned by one person - could have many employees. Sole owner oversees and controls day-to-day business operations. Holds the burden of all legal and financial responsibilities. Owner responsible for all the business debts and liabilities. Freedom to operate without interference from partners, shareholders - entitled to all the profits (or losses) Difficult for one person to raise funds to start business. Individual"s skill set may be limited, leads to constrains on strategic choices. Business less stable over time - once owner is gone, business is not likely to survive.