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Forms of Business Ownership

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Forms of Business Ownership ... Partnership Benefits Easier to raise financial capital Partners may combine managerial skills Personal satisfaction Lower taxes ... – PowerPoint PPT presentation

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Title: Forms of Business Ownership


1
Forms of Business Ownership
  • Georgia CTAE Resource Network Curriculum Office,
    June 2009
  • To accompany curriculum for the Georgia Peach
    State Career Pathways
  • June 2009, Dr. Marilynn Skinner

2
Sole Proprietorship
  • A business that is owned and managed by one
    individual who receives all the profits and bears
    all the losses

3
Sole Proprietorship
  • Benefits
  • Ease of starting and going out of business
  • Control over profits and business operations
  • Pride of ownership
  • Lower taxes (pays no corporate income taxes)

4
Sole Proprietorship
  • Costs
  • Unlimited liability
  • Difficulty in raising financial capital
  • Responsible for all losses
  • Management knowledge may be limited

5
Partnership
  • A business that is owned and managed by two or
    more individuals who receive all the profits and
    bear all the losses.

6
Partnership
  • Benefits
  • Easier to raise financial capital
  • Partners may combine managerial skills
  • Personal satisfaction
  • Lower taxes (pays no corporate income taxes)

7
Partnership
  • Costs
  • Unlimited liability
  • Shared Profits
  • Possible conflicts between partners
  • Possible instability after the death of a partner

8
Corporations
  • A business that is owned by stockholders and has
    rights and responsibilities as if it were a
    person.

9
Corporation
  • Benefits
  • Limited liability
  • Greater financial capital
  • Unlimited life
  • Specialized management

10
Corporations
  • Costs
  • Increased taxation (pays corporate income taxes)
  • Difficulty in starting (each state has its own
    rules for a corporate charter
  • May be larger, more bureaucratic than other forms
    of business
  • Increased government control
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