BUSN 70 Lecture Notes - Lecture 5: General Partnership, Uniform Partnership Act, Legal Personality
13 Mar 2021
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Owned by a single individual/easiest way to conduct business. Easy way for two individuals to conduct business. Legal entity with tax advantages for restricted number of shareholders. Comparison of sole proprietorships, partnerships/s corporations and c corporations. Businesses owned and operated by one individual; the most common form of business organization in the united states - easy to start, least expensive. Many focus on services rather than manufacturing. Typically employ fewer than 50 people - 99% employ less than 4 people. Comprise nearly three-quarters of all u. s. companies. Men are twice as likely as women to start their own business. Allow a high level of secrecy - private business, do not have to report to public. Owner keeps all profits - owner can invest/pocket/or do whatever they want with money. Flexibility and control of the business - people who don"t want to work for other people.
