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Exam (elaborations)

BFIN 300 Quiz 1 With Solutions

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  • BFIN300
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  • BFIN300

BFIN 300 Quiz 1 With Solutions Advantages of Sole Proprietorship -Easiest to start -Least Regulated -Single Owner Keeps all profits -taxed once as personal income Disadvantages of Sole ProprietorShip -Limited life of owner -Equity capital limited to owners personal wealth (limited opportuniti...

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  • October 13, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BFIN300
  • BFIN300
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UpperClass
BFIN 300 Quiz 1 With Solutions

Advantages of Sole Proprietorship -Easiest to start


-Least Regulated

-Single Owner Keeps all profits

-taxed once as personal income




Disadvantages of Sole ProprietorShip -Limited life of owner


-Equity capital limited to owners personal wealth (limited opportunities)

-unlimited liabilities

-difficult to sell ownership interest (requires sale of the entire business)




Sole Proprietorship a business owned by one perso




Partnership similar to proprietorship except two or more owners




Advantages of partnership -two or more owners


-more capital

-relatively easy to start

, BFIN 300 Quiz 1 With Solutions
-income taxed once as personal income




Disadvantages of partnership -unlimited liability


-limited life of business (dies when one partner wants to sell or dies)

-difficult to transfer ownership




General Partnership all partners share in gains and losses




Limited Partnership not actively participating in the business; liability for debts limited to

what they contribute




Corporation a legal "person" separate and distinct from its owners, and it has many rights,

duties and privileges of an actual person




Advantages of a corporation -limited liability


-unlimites life

-separation of ownership and management

-transfer of ownership is easy

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