We need research the advantages and disadvantages of the 3 types of business organization listed above.
But my part is sole proprietorship... what is advantages and disadvantages for sole proprietorphip?? tell me reason.. too it is better T.T could you let me know?? please... my class is hospitality accounting class..
TYPES OF BUSINESS ORGANIZATIONS
• Sole Proprietorship
o Business owned by a single person; simplest form of organization; no formal procedures needed to establish the business.; provides total control over resources & operations; all profits belong to the owner/proprietor, with no need to share them.
• Partnership
o An association of 2 or more persons; somewhat more formal type of legal organization than the sole proprietorship but less formal than a corporation.
• Corporation
o Considered a legal person, separate & distinct from its owners; a multiple-owner organization that is recognized as a separate legal entity by law; protects the owner's personal assets from losses beyond the amount invested in the business. The owners of a corporation are called shareholders or stockholders.