Business may be owned by an individual or a group of persons'' in the light of the above statement enlist different form of business organization and explain how they are diifferent from each other
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Sole Proprietorship
>Owned by only one person.
> Easiest business setup
> Less government regulations.
>Sole proprietorships own all the assets and profits, the business itself is not taxed separately – the sole proprietorship income is your income.
Partnerships
Corporations
>the corporation itself, not the shareholders that own it, is held legally liable for the actions and debts the business incurs.
>Chartered by the state
>taxed
>owners of a corporation are its shareholders
>Owned by only one person.
> Easiest business setup
> Less government regulations.
>Sole proprietorships own all the assets and profits, the business itself is not taxed separately – the sole proprietorship income is your income.
Partnerships
>A partnership is a single business where two or more people share ownership.
> Each partner contributes to all aspects of the business
a legal agreement.
>Easy and Inexpensive
> Profits made are shares among/between the partners.
Corporations
>the corporation itself, not the shareholders that own it, is held legally liable for the actions and debts the business incurs.
>Chartered by the state
>taxed
>owners of a corporation are its shareholders
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