Assignment In this lesson, you learned about the three legal forms of business ownershlp: sole proprietorships, partnerships, and corporations. You also learned about alternative types of business ownership Including franchises, nonprofit organizations, and cooperatives. All of these business forms have their 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 ownershlp that you personally would feel most comfortable participating In.
Explain your choice.
Assignment Guldelines: Your response should include the advantages and disadvantages of the six types of business ownership Ilsted, 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. Submisslon 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.
GIVING ALOT OF POINTS FOR THE ANSWER!!

Explanation:

A sole proprietorship is easy to form and gives you complete control of your business. You're automatically considered to be a sole proprietorship if you do business activities but don't register as any other kind of business.  

Sole proprietorships do not produce a separate business entity. This means your business assets and liabilities are not separate from your personal assets and liabilities. You can be held personally liable for the debts and obligations of the business. Sole proprietors are still able to get a trading name. It can also be hard to raise money because you can't sell a stock, and banks are hesitant to lend to sole proprietorships.

Sole proprietorships can be a good choice for low-risk businesses and owners who want to test their business idea before forming a more formal business.

Partnership

Partnerships are the simplest structure for two or more people to own a business together. There are two common kinds of partnerships: limited partnerships (LP) and limited liability partnerships (LLP).

Limited partnerships have only one general partner with unlimited liability, and all other partners have limited liability. The partners with limited liability also tend to have limited control over the company, which is documented in a partnership agreement. Profits are passed through to personal tax returns, and the general partner — the partner without limited liability — must also pay self-employment taxes.

Limited liability partnerships are similar to limited partnerships, but give limited liability to every owner. An LLP protects each partner from debts against the partnership, they won't be responsible for the actions of other partners.  

Partnerships can be a good choice for businesses with multiple owners, professional groups (like attorneys), and groups who want to test their business idea before forming a more formal business.

press the paper clip and attach a file!