What are the differences or the pro's and cons of proprietorships and partnerships as a form of business organization?
Proprietorships: This is the type of business whereby one individual owns and controls the business entity.
1. The owner has complete control over the business decisions. In other words, he is his own boss
2. There is no corporate tax payment to the government
3. The owner can sell the business whenever he/she sees fit
4. A business can be opened very quickly with little or no hassles
5. Less paper to deal with concerning both federal and local laws
6. Compared to other forms of business, it is less costly to start a business in sore proprietorship
7. Owner pays taxes on income from business as part of personal income tax
The expert examines proprietorship and partnerships. The differences and the pros and cons are determined.