Question

Explain merits and demerits of various forms of business organisation.

Answer 1

Answer:

There are three main types of business organizations: sole proprietorship, partnership and corporation. A sole proprietorship is a business owned by one person. The advantages are: the owner keeps all the profits and makes all the decisions. ... The disadvantages are: profit sharing and personal liability.

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Answer 2

Answer:

There are three basic forms of business ownership: sole proprietorship, partnership and corporation. Each of these forms of business organization has advantages and disadvantages in such areas as setting up the company, paying taxes and assessing liability for business debts.