BUSI 1800 Chapter Notes - Chapter 18: Double Taxation, General Partnership, E-Commerce
13 Sep 2018
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Advantages of sole proprietorships: ease of starting and ending the business, being your own boss, pride of ownership, retention of company profit, no special taxes, less regulation. Disadvantages of sole proprietorships: unlimited liability: the responsibility of business owners for all debts of the business, limited financial resources, management difficulties, overwhelming time commitment, few fringe benefits, limited growth, limited lifespan, possibility pay higher taxes. General partnership: a partnership in which all owners share in operating the business and in assuming liability for the businesses debts. Limited partnership: a partnership with one or more general partners and one or more limited partnerships. General partner: an owner (partner) who has unlimited liability and is active in managing the firm. Limited partner: an owner (partner) who invests money in the business but does not have any management responsibility or liability for losses beyond the investment.
