BUSN 101- Final Exam Guide - Comprehensive Notes for the exam ( 25 pages long!)
29 Mar 2018
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B u s i n e s s 1 0 1 . The forms of ownerships are: sole proprietorship. A business owned and managed by one person: the bene ts of proprietorship are, the ease of starting and ending the business, being your own boss, pride ownership, living a legacy. Owners can leave an ongoing business for future generations: retention of company pro t, no special taxes. All the pro ts of a sole proprietorship are taxed as the personal income of the owner, and the owner pays the normal income tax on that money. However they do have to pay the self-employment tax: the disadvantages of sole proprietorships, unlimited liability. Any debts or damages incurred by the business are your debts even if it means selling your home or car: limited nancial resources, management di culties, overwhelming time commitment, few fringe bene ts.
