You can agree/disagree or add more information
Please reply to this message: "There are many advantages and disadvantages to each form of business ownership. I think that the primary benefits of sole proprietorships/partnerships are that management is much more flexible as well as easy. Decisions are easier and quicker to make when less people are involved in ownership/management. For example, in large corporations it may take months of discussion and meetings to come to final decisions whereas in sole proprietorships, a business decision can be made within a day. For example, if one were to own their own burger shop, they can decide to add fries or pizza to their menu easily through their own judgment and analysis of their customers behavior. However, I think the biggest disadvantages when it comes to sole proprietorships and partnerships are the unlimited liabilities involved. I believe this is what makes entrepreneurship and business start-ups so risky. This directly leads to my next point which is that corporations hold the great advantage of limited liability - making corporations dominant under the status quo. In addition, corporations allow for shared ideas and perspectives as opposed to one or few individuals generating decisions/ideas on their own."
*You can agree/disagree or add more information
A sole proprietorship is owned and operated by a single person who is responsible for all losses and obligations and earns all profits.
Step by step
Solved in 2 steps
