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Assignment:
In this lesson, you learned about the three legal forms of business ownership: sole proprietorships, partnerships, and
corporations. You also learned about alternative types of business ownershlp Including franchises, nonprofit
organizations, and cooperatives. All of these business forms have thelr own sets of rules, risks, and obligations.
Explain the advantages and disadvantages for each type of business ownership listed above. Then, choose the type of
business ownership that you personally would feel most comfortable participating in. Explain your choice.
Assignment Guidelines:
Your response should include the advantages and disadvantages of the six types of business ownership listed, along
with your choice and explanation. Your response should be approximately one-and-a-half pages long, double-spaced,
standard margins, and 12-polnt Times New Roman font.
Submission Requirements:
Submit a Word document containing your response to the assignment
When submitting written assignments, please remember to:
• Submit the assignment question(s) with your responses.
• Proofread for spelling, grammar, and punctuation.
• Use complete sentence structure.
• Make sure paragraphs have at least six sentences.

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In-depth research is needed on the advantages and disadvantages of the three forms of business ownership and alternative types and what type of ownership you would be most comfortable with.

Sole Proprietorships

It is a form of company in which only one person is responsible for management, with no legal distinction between the owner and the company.

The advantages are the less bureaucracy and lower interest rate. The disadvantages are the difficulty in obtaining financing and business credit.

Partnerships

It is a professional relationship between two or more people to carry out a business. The advantages are the sharing of risk and responsability. The disadvantages are related to the loss of autonomy and conflicts.

Corporations

It is an entity that has a legal status separate from its owners. The advantages are the ease of obtaining credit and protection from the liability of partners. The disadvantages relate to greater bureaucratization and formalities.

Franchises

It is a business system where royalties are paid to a franchisor for the right to sell the same products and services. The advantages of franchising is the value of the brand and customer perception. The disadvantages are the high investment and maintenance of the business.

Nonprofit Organizations

It is an entity whose objective is to offer social benefits and to the general public, non-profit. The advantages are employee motivation and commitment and the disadvantages are social pressure and lack of financial resources.

Cooperatives

It is an association of people who unite autonomously to meet their economic, cultural and social objectives and needs. The advantages are democratic management and ease of starting, while the disadvantages are less control and limited profitability.

Find out more information about Sole Proprietorships here:

https://brainly.com/question/19176489

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