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Forms of Business Ownership (Proprietorship (Owned and operated by one…
Forms of Business Ownership
Partnership
2 or more people
Does not have to be equal share
Partnership Agreement
Date of Agreement
Names of Partners
Location
Duties of Partners
Investments
Profits/Losses
Plan for dissolving
Signatures
Unlimited Liability
Limited Life
Simple Tax
Easy to start
Proprietorship
Owned and operated by one main person
Easy to start and close
Retain all profits
Simple tax structure
Complete control of operations
Unlimited liabilty
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Limited expertise
Limited life
Corporation
Legally separate from owners
Only really exist on paper
Founders create bylaws for business to operate under
Apply for "articles of incorporation"
Limited Liability
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Continued life
Expensive to form
Double tax
S-Corporation
Limited Liability
Taxed as Partnership
Limited to 100 shareholders
Limited Liability Company
Benefits of corporation that operates as proprietorship
Limited Liability
Profit simple taxed
Cooperative
Owned and operated by those using the services
Created to help with product markets
Full participation of members needed