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Section 1 - Advantages and Disadvantages of: * Sole Proprietorship- Advantages: *Easy to start *Proprietors are in charge *Proprietors keep all profits *Taxes are lower than a corporation's Disadvantages: *Unlimited liability *Limited access to credit *The owner may not have the necessary skills *Many run out of money *The business ends when the owner dies *Partnerships- Advantages: *Easy to start *Easier to obtain capital *Easier to obtain credit *Not dependable on a sole person *Only taxed once *Diversity in skills Disadvantages: *Business risk is shared *Unlimited legal and financial liability is shared *If one partner makes a mistake, all partners are responsible
*Corporations- Advantages: *Limited liability *Ability to raise money by selling stock *Business does not end when an owner dies Disadvantages: *Double taxation *More government regulation *Difficult and costly at start *Cooperatives- *The purpose is to save money on the purchase of certain goods and services *Advantage: Save money *Nonprofit Organization- *Provides services for no profit *Registration: With the government Taxes: Has none *Franchise- *You have to invest money *You must pay franchise fees or a share of the profits When you own a franchise you get a business plan
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