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    AGBUS300 - PPT03 - Legal Forms of Business

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    The document discusses three basic forms of business ownership: sole proprietorships, partnerships, and corporations. Sole proprietorships are owned and operated by one individual, while partnerships involve two or more people sharing assets, liabilities, and profits. Corporations are legally separate from their owners and can take the form of C-corporations or S-corporations.

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    AGBUS300 - PPT03 - Legal Forms of Business

    Uploaded by

    johnaerongalang.basc
    9 views14 pages
    The document discusses three basic forms of business ownership: sole proprietorships, partnerships, and corporations. Sole proprietorships are owned and operated by one individual, while partnerships involve two or more people sharing assets, liabilities, and profits. Corporations are legally separate from their owners and can take the form of C-corporations or S-corporations.

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    k,hgiul

    Original Title

    AGBUS300_PPT03_Legal-Forms-of-Business (1)

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    The document discusses three basic forms of business ownership: sole proprietorships, partnerships, and corporations. Sole proprietorships are owned and operated by one individual, while partnerships involve two or more people sharing assets, liabilities, and profits. Corporations are legally separate from their owners and can take the form of C-corporations or S-corporations.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    9 views14 pages

    AGBUS300 - PPT03 - Legal Forms of Business

    Uploaded by

    johnaerongalang.basc
    The document discusses three basic forms of business ownership: sole proprietorships, partnerships, and corporations. Sole proprietorships are owned and operated by one individual, while partnerships involve two or more people sharing assets, liabilities, and profits. Corporations are legally separate from their owners and can take the form of C-corporations or S-corporations.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    You are on page 1of 14

    LEGAL FORMS

    OF BUSINESS
    OWNERSHIP
    2

    My Business or Our
    Business??
    “
    3

    Three Basic Forms of Business


    Ownership

    Sole Proprietorship Partnership Corporation


    4

    Sole
    Proprietorship
    A business owned and operated by
    one.
    5

    Advantages of 1. Easy and inexpensive to form; few


    Sole government regulations.
    Proprietorship
    2. Complete control over your business.
    3. Get all the profits earned by the business.
    4. Don’t have to pay any special income
    taxes.
    6

    Disadvantage
    of Sole
    Proprietorship  The owner has unlimited
    liability for all debts and actions
    of the business.
    7

    ○ A form of business ownership in which two or


    Partnership more people share the assets, liabilities, and
    profits.
    8

    Advantages of 1. Shared decision making and management


    Partnership responsibilities.
    2. Easier to raise capital than in a sole
    proprietorship
    3. Few government regulations
    9

    Disadvantages 1. May lead to disagreements.


    of Partnership
    2. Some entrepreneurs are not willing
    to share responsibilities and profits.
    3. Fear of being held legally.
    10
    1. A partnership agreement is a written document that sets
    forth all the terms under which the partnership is to operate

    Partnership 2. Could be an oral agreement, but is generally not done that


    way
    Agreement 3. Writing down the terms of the partnership may eliminate
    future disputes
    4. The agreement should spell out the status, responsibilities
    and authority of each partner
    11

    ○ A business that is chartered by a state and


    Corporation
    legally operates apart from its owners.
    12

    Types of ○ C-Corporation
    Corporation ○ S-Corporation
    13

    ○ The most common form of corporation


    C-Corporation ○ It protects the entrepreneur from being
    personally sued for the actions and debts of the
    corporation
    14

    ○ Subchapter corporation
    ○ Is a form of corporation that meets specific
    S-Corporation
    Internal Revenue Code requirements, giving a
    corporation with 100 shareholders or less the
    benefit of incorporation while being taxed as a
    partnership

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