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Legally, businesses can be organized as sole proprietorship, partnerships, or corporations. Briefly describe each of these legal entities. Then, pick one and explain the advantages and disadvantages of using this form of business organization.
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1) A sole proprietorship is a type of business entity that is owned by one single individual. The individual may choose to use a trade name or simply use her legal name. With the sole proprietor type of business, both the individual and the business are considered one entity by law. What this means is that the owner any matter relating to the business (such as assets, liabilities, profits, losses) and any matter that are subject to taxation fall under the owner’s direct responsibility. Therefore, the owner must pay any debts that incur to the business from …
