CCT109H5 Chapter Notes -Sole Proprietorship, Disability Insurance, Privately Held Company

• School: UTM
• Department: Communication, Culture and Technology
• Course: CCT109H5
• Professor: Dave Swanston

Document Summary

Chapter 4: forms of business ownership (page 60-89) Each form of business ownership has advantages and disadvantages. Just because a business starts in one form of ownership, it doesn"t have to stay in that form. One key to success in starting a new business is understanding how to get the resources you need. You may have to take on partners or find other ways of obtaining money. To stay in business, you may need help from someone with more expertise than you have in certain areas, or you may need to raise more money to expand. The three major forms of business ownership are: (1) sole proprietorships (2) partnerships (3) corporations. A sole proprietorship is a business that is owned and operated by one person, without forming a corporation. In a sole proprietorship, the business and the owner are a single entity. Almost 24 percent of all registered businesses in canada fall under this form of ownership.