Business management and the different Forms of Business Units.
Part I. 10 points –
Describe each of the following forms of business ownership:
- Sole proprietorship
- Limited-liability companies
Part II. 8 points
Prepare a chart “in your own words” (please don’t just copy) for the advantages and disadvantages of each of the aboveIn your chart please make sure you cover the following for each of the five entities:
List out each in your chart and then explain if it is an advantage or not to that business form. Perhaps you could even just use these colors and letters in the chart (that would help me so much and is required for a B or above on this question).
- unlimited liability
- ability to raise capital & credit
- double taxation
- start-up costs
- transfer of ownership
I would like for it to be “at least” 1 ¼ to 2 pages in length. Note that if you got a good grade for the related homework for this, then you can use that for your submission for this question.
Question 2. (5 points):
Why is it important to have a partnership agreement? Tell what should be included.
(In the past people did not answer this completely) This should be from ¾ to 1 page in length.
Chapter 05 Small business, entrepreneurship and franchises.
Question 3. (9 points)Explain why a small business owner is not necessarily an entrepreneur.
Again many did NOT get this correct in this class – Fall 2018. Just because you are a small business owner does NOT mean you are also an entrepreneur. Explain Why See discussion 05. Please note that this is on the test because many did not address that some small business owners are entrepreneurs and some are not.
Question 4. (9 points)Most people who start small businesses are aware of the high failure rate and the reasons for it. Why, then do some take no steps to protect their firms from failure?What steps should they take?