Summary
Summary Forms of ownership
- Institution
- 8th Grade
it talks about the 4 types of ownership sole trader , partnerships ,ect
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EMSforms of ownership
- 4 types of ownership
1. sole trader
it means when one person owns a business
advantages
= it is easy to form
= you need to get a trading licence
= you can get all the profits
= you can make decisions easily and quickly
disavantages
= you have unlimited liability
= since you will work alone you wont have time for holidays
= all costs will be on you
2. partnership
when 2 - unlimited amount of own the business
advantages
= you need to have a trading licence
=people can decide in the decisin making process
= it is easy to form
disavantages
= people can have fights and disagreements
= they have unlimited liability
= there is no continuity
3. close coporation
it invlovles people between 1-10 people in the business
advantage
= you need to complete a founding statement
= members spealise in tasks they are good at
= it is easy to form
= people can make decisions
=there is limited liability
disavantage
= there is a limit of 10 members
= the size corporation is limited to the capital contribution of the members
companies
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