BMGT 110 Chapter Notes - Chapter 5: Limited Liability Partnership, Sole Proprietorship, Limited Partnership

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 110
• Professor: Hugh Turner

Document Summary

Understanding business chp5: basic forms of business ownership a. In america, a lot of people start their own business. 600,000 people start their own business: sole proprietorship b. i. One man owns and manages all of the business: partnership c. i. Two or more people own and manages all of the business: corporation d. i. A company that is legally separate and distinct from the owner. Corporations make up 80% of consumer to business money transfers: often times, the form of a business changes overtime. I am especially confused with how to tell whether a business is a corporation or not: which form of business is good for a start-up, sole propriertorships, advantages a. i. You simply need to buy the needed capital and inputs. You may also need a permit or license from the local government a. ii. You are the boss of your own business, so every mistake or victory is yours a. iii. Proud to establish and sustain a business a. iv.