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BUSI 1301 Business Principles Exam 2|study review new Solution University of Houston
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BUSI 1301 Business Principles Exam 2study review new Solution University of
Houston
,Sole Proprietorship - --A business owned, and usually managed, by one person
Partnership - --Two or more people legally agree to become co-owners of a business.
Corporation - --A legal entity with authority to act and have liability apart from its owners.
Major Benefits of Sole Proprietorship - --1)Ease of starting and ending the business
2)Being your own boss
3)Pride of ownership
4)Leaving a legacy
5)Retention of company profit
6)No special taxes
Unlimited Liability - --Any debts or damages incurred by the business are your debts, even if it means
selling your home, car or anything else
Disadvantages of Sole Proprietorship - --1)Unlimited Liability -- Any debts or damages incurred by the
business are your debts, even if it means selling your home, car or anything else.
2)Limited financial resources
, 3)Management difficulties
4)Overwhelming time commitment
5)Few fringe benefits
6)Limited growth
7)Limited life span
General Partnership - --All owners share in operating the business and in assuming liability for the
business's debts.
Limited Partnership - --A partnership with one or more general partners and one or more limited
partners.
General Partner - --An owner (partner) who has unlimited liability and is active in managing the firm.
Limited Liability - --that liability for the debts of the business is limited to the amount the limited
partner puts into the company; personal assets are not at risk.
Limited Partner - --An owner who invests money in the business, but enjoys limited liability.
Master Limited Partnership - --A partnership that looks much like a corporation, but is taxed like a
partnership and thus avoids the corporate income tax.
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