Business Mathematics
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Conduct literature and internet research of sole proprietorships, partnerships, and corporations. Discuss the three business forms in terms of how they are formed, managed, and how they operate as business entities.
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Solution Summary
The expert conducts literature and internet research of sole proprietorships, and corporations. The three business forms in terms of how they are formed, managed, and how they operate as business entities are discussed.
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Sole Proprietorship
Most people are familiar with this type of business. This form is one person or married couple that usually operate the business by themselves. This is the "Mom and Pop" type of store. The owner receives all of the income from the business but is also responsible for all for the liabilities that the business incurs. The income or loss is also reported on the personal income tax of the owner. Most small businesses are started as this form of business. This is the easiest of all of the types of businesses to open.
General Partnership
In this type of business organization, there are two or more partners. The income is split ...
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