Forms of Business Ownership
Completion requirements
Review this overview of the various forms of business ownership, including advantages and disadvantages, to learn about some of the factors that go into deciding which form is best for any given situation. No hard and fast formula helps an entrepreneur pick the proper form. However, there are some important considerations, such as risk, taxes, transferability, and even image. After you read, complete the concept check questions about the different types of business structures: sole proprietorship, partnership, and corporations.
Corporations: Limiting Your Liability
CONCEPT CHECK
- What is a corporation? Describe how corporations are formed and structured.
- Summarize the advantages and disadvantages of corporations. Which features contribute to the dominance of corporations in the business world?
- Why do S corporations and limited liability companies (LLCs) appeal to small businesses?