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In this chapter students will be able to: Compare the advantages and disadvantages of sole proprietorships; describe the differences between general and limited partners, and compare the advantages and disadvantages of partnerships; compare the advantages and disadvantages of corporations and summarize the differences between C corporations, S corporations and limited liability companies; | How to Form a Business Chapter 05 McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Compare the advantages and disadvantages of sole proprietorships. Describe the differences between general and limited partners, and compare the advantages and disadvantages of partnerships. Compare the advantages and disadvantages of corporations and summarize the differences between C corporations, S corporations and limited liability companies. Define and give examples of three types of corporate mergers, and explain the role of leveraged buyouts and taking a firm private. Outline the advantages and disadvantages of franchises, and discuss the opportunities for diversity in franchising and the challenges of global franchising. Explain the role of cooperatives. LEARNING GOALS Chapter Five 5- Basic Forms of Business Ownership Sole Proprietorship -- A business owned, and usually managed, by one person. Partnership -- Two or more people legally agree to . | How to Form a Business Chapter 05 McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Compare the advantages and disadvantages of sole proprietorships. Describe the differences between general and limited partners, and compare the advantages and disadvantages of partnerships. Compare the advantages and disadvantages of corporations and summarize the differences between C corporations, S corporations and limited liability companies. Define and give examples of three types of corporate mergers, and explain the role of leveraged buyouts and taking a firm private. Outline the advantages and disadvantages of franchises, and discuss the opportunities for diversity in franchising and the challenges of global franchising. Explain the role of cooperatives. LEARNING GOALS Chapter Five 5- Basic Forms of Business Ownership Sole Proprietorship -- A business owned, and usually managed, by one person. Partnership -- Two or more people legally agree to become co-owners of a business. Corporation -- A legal entity with authority to act and have liability apart from its owners. MAJOR FORMS of OWNERSHIP 5- FORMS of BUSINESS OWNERSHIP Basic Forms of Business Ownership 5- Advantages of Sole Proprietorships Ease of starting and ending the business Being your own boss Pride of ownership Leaving a legacy Retention of company profit No special taxes MAJOR BENEFITS of SOLE PROPRIETORSHIP LG1 5- Disadvantages of Sole Proprietorships Unlimited Liability -- Any debts or damages incurred by the business are your debts, even if it means selling your home, car or anything else. Limited financial resources Management difficulties Overwhelming time commitment Few fringe benefits Limited growth Limited life span DISADVANTAGES of SOLE PROPRIETORSHIPS LG1 5- Partnerships General Partnership -- All owners share in operating the business and in assuming liability for the business’s debts. MAJOR TYPES of PARTNERSHIPS LG2 .
