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The firm and its Environment image - Coggle Diagram

- - - - Advantages
        
        owners receive all profits
        
        decisions can be made quickly
        
        they are easy to organize
      - Disadvantages
        
        limited resources
        
        of limited liability
        
        risk of losing one's own property
    - - In a market system, it is easy for partnerships to go bankrupt, after which they unite into ...
    - - =
        
        Joint stock companies
      - Advantages
        
        limited liability
        
        ability to raise very large amounts of money
        
        ease of transfer of ownership
      - Disadvantages
        
        high taxation
        
        even with a large number of participants, each of them receives a small dividend from the profit.