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    Identify three businesses in your community

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    Identify three businesses in your community:

    One that is formed as a sole-proprietorship, one that is formed as a general partnership, and one that is formed as a corporation.

    Identify the businesses and explain what characteristics of that business form might have led the owners to choose each one.

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    An example of a sole proprietorship would be a barbershop.

    They would have chosen a sole proprietorship due to the ease with which the business could be started up and the simple operating nature of the business. Generally a sole proprietorship involves just one person.

    An example of a general partnership would be a local law firm.

    They would have chosen this business form in order to pool the resources of the partners and to take advantage of tax incentives that are exclusive to partnerships. Generally a ...

    Solution Summary

    The expert identifies three businesses in their community.