Business in Action Ch 5 BUSN100 Forms of Ownership

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1. Define sole proprietorship and explain the six advantages and six disadvantages of this ownership model 2. Define partnership and explain the six advantages and three disadvantages of this ownership model 3. Define corporation and explain the four advantages and six disadvantages of this ownership model 4. Explain the concept of corporate governance and identify the three groups responsible for ensuring good governance 5. Identify the potential advantages of pursuing mergers and acquisitions …

____ _____________, as are many home- based businesses such as caterers, consultants, and sole proprietorship Business owned by a single person

Sole Proprietorships

_________ _________Legal condition under which any damages or debts incurred by the business are the owner's personal responsibility

Unlimited Liability

___________ An unincorporated company owned by two or more people

Partnership

_______ ___________ Partnership in which all partners have joint authority to make decisions for the firm and joint liability for the firm's financial obligations

General Partnership

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