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Zorin Andrey - Coggle Diagram
Zorin Andrey
sole proprietorships
advantages
decisions can be made quickly
owners receive all profits
easy to organize
difficult problems
unlimited liability
limited resources
limited life of the business
one-owner business
corporations
disadvantages
profits are subject to double taxation
complex procedure for organization
individual share of profits is small
owners do not directly control the business
advantages
ability to raise very large amounts of money
limited liability
unlimited life
ease of ownership transfer
shares of stocks
board of directors
basic economic institution
small firms
large businesses
partnership
advantages
profits are shared with only a few people
decisions can be made quickly
easy to organize
disadvantages
limited life
Liability is still unlimited