Download CHAPTER6 Business Ownership and Operations Analytical

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6
CHAPTER
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Business Ownership and Operations
Analytical Skills 2: Types of Business Ownership
DIRECTIONS: Fill in the table below to describe the characteristics of each type of business. Some blocks have been started for you for examples.
Type
Sole
Proprietorship
Partnership
Ownership
Start-up Costs
Taxes
Liability
Responsibility for
Decisions
General Pros and
Cons
Owner pays the income
tax on their personal
profit.
One person.
Each partner can make
decisions for the
remaining partners,
whether they agree or not.
Hard to get financing.
The costs can be spread
out among all partners.
Corporation
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Limited. Owners can
only lose what they
invested. Personal
property is not at risk.
Introduction to Business
Chapter 6