Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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Question
Chapter 5.1, Problem 1TP
Summary Introduction
To determine: The advantages and disadvantages of sole proprietorships.
Introduction:
When the business is managed and owned by a person single handedly, it is known as sole proprietorship.
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The needs of the businessperson starting a new business are a major consideration when deciding the best form of business ownership. The kind of business being started is also important to consider when deciding to make your new business a sole proprietorship, partnership, or corporation. Look at the list of new businesses below. , indicate the form of ownership you think would be best for each business and give the reasoning for your selection.
If you were to start a business, which ownership form would you choose? What factors might affect your choice?
Which form of business ownership is LEAST used in the United States ?
Chapter 5 Solutions
Understanding Business
Ch. 5.1 - Prob. 5.1AQCh. 5.1 - Prob. 5.1BQCh. 5.1 - Prob. 1TPCh. 5.1 - Prob. 2TPCh. 5.2 - Prob. 5.2AQCh. 5.2 - Prob. 1MEDCh. 5.2 - Prob. 3TPCh. 5.2 - Prob. 4TPCh. 5.3 - Prob. 5.3AQCh. 5.3 - Prob. 5TP
Ch. 5.3 - Prob. 6TPCh. 5.3 - Prob. 7TPCh. 5.3 - Prob. 8TPCh. 5.4 - Prob. 5.4AQCh. 5.5 - Prob. 5.5AQCh. 5.5 - Prob. 5.5BQCh. 5.5 - Prob. 5.5CQCh. 5.6 - Prob. 9TPCh. 5.6 - Prob. 10TPCh. 5.6 - Prob. 11TPCh. 5 - Prob. 1CECh. 5 - Prob. 2CECh. 5 - Prob. 3CECh. 5 - Prob. 4CECh. 5 - Prob. 1CTCh. 5 - Prob. 2CTCh. 5 - Prob. 3CTCh. 5 - Prob. 4CTCh. 5 - Prob. 1DCSCh. 5 - Prob. 2DCSCh. 5 - Prob. 3DCSCh. 5 - Prob. 4DCSCh. 5 - Prob. 5DCSCh. 5 - Prob. 1PPTCh. 5 - Prob. 2PPTCh. 5 - Prob. 1VCCh. 5 - Prob. 2VCCh. 5 - Prob. 3VC
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Similar questions
- What are the key legal considerations for entrepreneurs when selecting a business structure, such as sole proprietorship, partnership, or corporation?arrow_forwardWhat are the advantage and disadvantage of sole proprietorship?arrow_forwardWhich form of business is generally most costly to set up but offers the most personal protection? a) Sole proprietorship b) Partnership c) Corporation d) Franchisearrow_forward
- What are the primary types of business ownership and how do they differ in terms of liability, decision-making authority, and profit distribution?arrow_forwardForms of business ownership refer to the legal structures under which a business operates. There are several types of business ownership, including sole proprietorships, partnerships, corporations, and limited liability companies (LLCs). Each form of ownership has its advantages and disadvantages, and the choice of the form of ownership depends on various factors such as liability, taxation, and management structure.Critically evaluate the relevance of the advantages and disadvantages in light of current trends and developments in the business environment.arrow_forwardWhy might being a Sole Trader be the best business enterprise when starting a business?arrow_forward
- What are the key considerations for entrepreneurs when choosing between different types of business ownership, such as sole proprietorship, partnership, and corporation, and how do these choices impact various aspects of management?arrow_forwardLimited funds and limited growth potential are the disadvantages of which form of business? Corporation Sole proprietorship Partnership Limited Liability Companyarrow_forwardWhat are the key differences between sole proprietorships, partnerships, and corporations in terms of ownership structure and management responsibilities?arrow_forward
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