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The Title Of The Essay Is "Business Ownership" The Question Was: Name The Three Different Types Of Business Ownership And Name The Advantages And Disadvantages Of Each Form.

1591 words - 6 pages

Business OwnershipThere are three different forms of business ownership, the Sole Proprietorship, the Partnership, and the Corporation. Each of these businesses have major advantages and disadvantages.The sole proprietorship is a business which is owned and managed by one individual. Some of its advantages are, the ease of formation, its management control, and its distribution of profits. Some of the disadvantages are, its unlimited liability, the lack of continuity, the capital requirements.Let's begin with the advantages. A sole proprietorship is very easy to create. Anyone who wants their own business simply needs to get the necessary licenses from, for example, the state, the county, and/or their local government. After he or she obtain these licenses, he/she can begin operating their business.In a sole proprietorship, the sole proprietor has full control over his/her operations. Because he/she has this control, they can respond quickly to the changes that may occur in the market. This is a great motivator for a sole proprietor because he/she can keep up with the trends.The sole proprietor also owns all the profits that his/her business takes in. They themselves own the business and therefore do not have to distribute the profits with anyone else. The only thing that he/she needs to do with the profits is pay the company expenses and the rest is theirs to do with as they please. This tends to be a great incentive for a sole proprietor.Next, we have the disadvantages. The sole proprietorship has unlimited personal liability. The sole proprietor is personally liable for all of the businesses debts. He/she is the sole owner, which means there is no one else responsible to contributing to the payment of debts. This is one of the biggest disadvantages of a sole proprietorship.There is also a lack of continuity in a proprietorship. If for some reason the sole proprietor dies, retires, or becomes incapacitated, the business could end. When this happens, if a member of the family, or an employee, does not take over the business, the business could be in big trouble.A proprietorship is usually a small business, and to find good employees that are dedicated to staying with the business could be hard. The reason for this is that most people look for security, and advancement in their employment, this usually does not exist in businesses which are small. If no one takes over the business, and the business had debts, creditors can go to the courts for a petition to sell off the assets so that they can pay back these debts, therefore the business has discontinued.It is also very hard in a sole proprietorship to obtain capital. Most banks and other lending institutions have certain formulas/requirements for determining how eligible a borrower may be. Many proprietorships do not meet these formulas/requirements and are therefore limited to whatever capital the owner has to contribute, and whatever money he/she can borrow. This can be a major set back in a...

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