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4 Cards in this Set

  • Front
  • Back
3 Business Types
Individual or sole proprietorship
Partnership
Corporation
Benefits and drawbacks of sole proprietorship
Benefits are relative freedom from regulation

Drawback is that the owner/individual has unlimited personal liability
Benefits and drawbacks of Partnerships
Benefits are relative freedom from regulation
Ownership is divided between two individuals

Drawbacks include unlimited personal liability, plus control is divided
Benefits and drawbacks of Corporations
Benefit includes Limited liability
Ownership is transferable through stocks
Drawbacks include more gov't regulation & tax implications