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Unit 1 Discussion Board Financial Management

In: Business and Management

Submitted By suburbanmomma
Words 817
Pages 4
American InterContinental University
FINA-310-1301A-02: Professor Michael James
February 12, 2013

The three forms of business organizations are sole proprietorship, partnership, and a corporation. A sole proprietorship is a business that is owned by only one person. This is the easiest and less complicated type of business due to the fact that not a lot of paperwork is required. The biggest advantage of this type of business is that the individual who owns the business makes all of the decisions, thus, skipping the middleman altogether. Also, the individual who own the business gets to keep all of the profit to him/herself (Brooks, 2010).
With every business come disadvantages as well. The largest disadvantage of the sole proprietorship is the fact that the person who owns the business is responsible for all the bills that the business has, regardless if he/she has to sell his/her own properties to do so; there isn’t a boundary that separates business property from personal property. A second con of this type of business is that if the owner of the business were to die, the business basically dies too. In order for it to stay open, the owner would have had to sell the whole company to someone else. Last but not least, if the owner cannot gain some capital for the business, it can put a hardship on the growth of the business (Brooks, 2010).
Next is the partnership. This type of business is owned by two or more people. These partners may be general partners (do the everyday business), limited partners (only do certain things within the business), or silent partners (only do business in terms of investing). An advantage of a partnership is that it includes more people within the business itself, and the business only gives profits to these certain people. Another disadvantage is that the more owners there are, the more capital there will be.

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