Do Now 1)What is one disadvantage of a sole proprietorship? 2) What other alternative might you have?

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Presentation transcript:

Do Now 1)What is one disadvantage of a sole proprietorship? 2) What other alternative might you have?

Reminders News Article Analysis due FRIDAY!

10.7- Forms of Partnerships Partnership- a business co-owned by two or more people who agree on how profits, responsibilities, and losses will be divided. General partnership- partners share responsibility and each is liable for all debts and losses Limited partnership- one person is not involved in the day to day running of the business and is only liable for the funds they provide Limited liability partnership- all partners are limited partners and not responsible for debts and other liabilities of other partners.

Advantages Easy to open and close Few Regulations- all that is needed is a legal agreement spelling out their rights and responsibilities Access to resources- having partners means you have more money for investing Joint decision making- better decisions usually come from groups Specialization- each partner brings specific skills to the business

Disadvantages Unlimited liability- you are personally responsible for the debts and losses of the business Potential for conflict- partners do not always agree Limited life- the business only works with the partners

Independent Practice Business Plan

Homework News Article Analysis due FRIDAY!

Exit Ticket 1) What is one benefit of a partnership? 2) What do you think is the biggest disadvantage?