Understanding Business
13th Edition
ISBN: 9781264249527
Author: Nickels, William G.
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 5.1, Problem 1TP
Summary Introduction
To determine: The advantages and disadvantages of sole proprietorships.
Introduction:
When the business is managed and owned by a person single handedly, it is known as sole proprietorship.
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Which form of business ownership is LEAST used in the United States ?
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The needs of the businessperson starting a new business are a major consideration when deciding the best form of business ownership. The kind of business being started is also important to consider when deciding to make your new business a sole proprietorship, partnership, or corporation. Look at the list of new businesses below. , indicate the form of ownership you think would be best for each business and give the reasoning for your selection.
Chapter 5 Solutions
Understanding Business
Ch. 5.1 - Prob. 5.1AQCh. 5.1 - Prob. 5.1BQCh. 5.1 - Prob. 1TPCh. 5.1 - Prob. 2TPCh. 5.2 - Prob. 5.2AQCh. 5.2 - Prob. 1MEDCh. 5.2 - Prob. 3TPCh. 5.2 - Prob. 4TPCh. 5.3 - Prob. 5.3AQCh. 5.3 - Prob. 5TP
Ch. 5.3 - Prob. 6TPCh. 5.3 - Prob. 7TPCh. 5.3 - Prob. 8TPCh. 5.4 - Prob. 5.4AQCh. 5.5 - Prob. 5.5AQCh. 5.5 - Prob. 5.5BQCh. 5.5 - Prob. 5.5CQCh. 5.6 - Prob. 9TPCh. 5.6 - Prob. 10TPCh. 5.6 - Prob. 11TPCh. 5 - Prob. 1CECh. 5 - Prob. 2CECh. 5 - Prob. 3CECh. 5 - Prob. 4CECh. 5 - Prob. 1CTCh. 5 - Prob. 2CTCh. 5 - Prob. 3CTCh. 5 - Prob. 4CTCh. 5 - Prob. 1DCSCh. 5 - Prob. 2DCSCh. 5 - Prob. 3DCSCh. 5 - Prob. 4DCSCh. 5 - Prob. 5DCSCh. 5 - Prob. 1PPTCh. 5 - Prob. 2PPTCh. 5 - Prob. 1VCCh. 5 - Prob. 2VCCh. 5 - Prob. 3VC
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Similar questions
- What are the key legal considerations for entrepreneurs when selecting a business structure, such as sole proprietorship, partnership, or corporation?arrow_forwardWhat are the advantage and disadvantage of sole proprietorship?arrow_forwardWhat are the primary types of business ownership and how do they differ in terms of liability, decision-making authority, and profit distribution?arrow_forward
- Forms of business ownership refer to the legal structures under which a business operates. There are several types of business ownership, including sole proprietorships, partnerships, corporations, and limited liability companies (LLCs). Each form of ownership has its advantages and disadvantages, and the choice of the form of ownership depends on various factors such as liability, taxation, and management structure.Critically evaluate the relevance of the advantages and disadvantages in light of current trends and developments in the business environment.arrow_forwardContrast the sole proprietor and partnership forms of business detailing the advantages and disadvantages of each.arrow_forwardWhat are the key considerations for entrepreneurs when choosing between different types of business ownership, such as sole proprietorship, partnership, and corporation, and how do these choices impact various aspects of management?arrow_forward
- Why might being a Sole Trader be the best business enterprise when starting a business?arrow_forwardConsidering the various types of business entities, how would you convince a company’s founder that becoming a B corporation or a public benefit corporation is a better way to do business? Provide some examples of companies that have chosen this type of corporate entity. Additionally, discuss how you think that becoming a B Corporation or a public benefit corporation can help address social and environmental problems while still attracting consumers and investors?arrow_forwardWhat are the key differences between sole proprietorships, partnerships, and corporations in terms of ownership structure and management responsibilities?arrow_forward
- Starting up and managing a business requires one to act responsibly and ethically at all times. It is also imperative that one carefully considers the management team and the opportunities that franchising presents to a business to create a bigger brand name and increased market share You may consider franchising your business at some point. Discuss with justification, the type and model of franchise that your business will enter into.arrow_forwardBeing a franchisee is an opportunity for those who lack business experience, the chance to own and operate a profitable business. What is your understanding of this statement?arrow_forwardWhat are the options for the manager or owner of a small business when planning to transfer ownership?arrow_forward
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