Types of Business Ownership

By: Alexis Hawkins6th periodMrs. Davis

SOLE PROPRIETORSHIP

ADVANTAGES Easy to start You make all the decision You receive all the profits

DISADVANTAGES Responsible for debt/ losses Hard to collect money If owner dies, the business decease

PARTNERSHIP

ADVANTAGES You and your partner/partners can

share ideas(more ideas together) You all can split responsibilities Most common business Easy to start Share profits/losses

DISADVANTAGES Disagreements Greed Costly mistakes can cost you the

business Partner may be controlling,

irresponsible, or lazy You are responsible for each other

actions

CORPORATIONS

ADVANTAGES Make money easy Location Employees benefits One can fail, and the business still

goes on The main owner over the business

doesn’t have to be at every location If owner dies, business still continues

They have the money to sue

DISADVANTAGES Very difficult to start Expensive They can be sued

INTERPRETING RESULTS• 1. For which type of business organization did you list

the most advantages? The most disadvantages

I SAID THAT COPORATIONS HAVE THE MOST ADAVNTAGES AND CORPORATINS & SOLE PROPRIETORSHIP HAVE THE SAME AMOUNT OF DISADVANTAGES.

DRAWING CONCLUSIONS3. Based on your slide presentation should entrepreneurs select the type of organization that has the most advantages listed? Explain.

YES, IT WOULD BE VERY SMART OF AN ENTREPRENUER TO SELECT THE BUSINESS THAT HAS THE MOST ADVANTAGES , JUST BECAUSE THAT WOULD RESULT IN THEIR BUSINESS EXPANDING/BOOMING, AND THEY WOULDN’T HAVE TO TRY TO FIGURE OUT HOW TO GET THE GOOD TO OUT WEIGH THE BAD .

• 4. Based on the information presented in your slide presentation, which type of business organization would be best for someone wants to open an ice skating rink.

I THINK THEY SHOULD CONSIDER STARTING A SOLE PROPRIETORSHIP, ONLY BECAUSE TO ME IT SEEMS LIKE A SMALL BUSINESS THAT SOMETIMES IT COULD HARD TO RAISE MONEY BECAUSE NOT REALLY EVERYBODY KNOWS HOW TO ICE SKATE AND BECAUSE IF SOMEBODY WAS TO START THIS BUSINESS IT WOULD PROBALY JUST BE A LOCAL RINK, NOT REALLY EXPANIDING ANYWHERE.