Purchase Solution

Sole Proprietorship, Partnership, and Corporations

Not what you're looking for?

Ask Custom Question

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.

Purchase this Solution

Solution Summary

A 369-word discussion of different types of businesses, first defining a sole proprietorship, partnership and corporation as well as comparing them.

Solution Preview

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 ...

Solution provided by:
Education
  • BA, Brooklyn College
  • MBA/HCM, Phoenix University
Recent Feedback
  • "Thank you!"
  • "Thank you!"
  • "Thank you!"
  • "Thank you!"
  • "Thank you!!"
Purchase this Solution


Free BrainMass Quizzes
Business Ethics Awareness Strategy

This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.

Accounting: Statement of Cash flows

This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.

Operations Management

This quiz tests a student's knowledge about Operations Management

Learning Lean

This quiz will help you understand the basic concepts of Lean.

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.