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Forms of Business Ownership

Forms of Business Ownership. Pros and Cons. Sole Proprietorship. Pros Simple to create Least expensive to create You keep ALL profits You make ALL decisions Very little government regulation Easy to close. Cons Unlimited personal liability (you pay ALL expenses)

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Forms of Business Ownership

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  1. Forms of Business Ownership Pros and Cons

  2. Sole Proprietorship • Pros • Simple to create • Least expensive to create • You keep ALL profits • You make ALL decisions • Very little government regulation • Easy to close • Cons • Unlimited personal liability (you pay ALL expenses) • Lack of skills in some areas • Feeling isolated • Limited access to capital ($) • Hard to continue for more than your lifespan

  3. Partnership • Pros • Easy to start • More skills to utilize • You get to split the profits made • You have more starting capital • Higher ability to attract more partners • Minimal government regulation • Flexibility • Not taxed by federal government • Cons • Unlimited personal liability of at least one partner • Difficult to close • Potential for personality and authority conflicts

  4. Corporation • Pros • Limited personal liability for stockholders (people who own shares of the company) • Easy to raise more $ • Can continue indefinitely (forever) • Ownership can be transferred • Cons • Takes a long time and a lot of money to become incorporated • Taxed twice • You are NOT the owner & can lose control of the company • Lots of regulation

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