1. Aim: How do we differentiate between the various forms of business ownership?

2. Sole Proprietorship A business owned by one person
Most business start this way

3. Sole Proprietorship Easiest and least expensive
Advantages
Disadvantages
Easiest and least expensive
Owner is in charge of all business activities.
Owner receives all profits.
Owner makes all decisions.
Least regulated form of business
Less taxes
Unlimited Liability: the owner is legally responsible for all debts and actions of the business.
Long hours
Lots of responsibility

4. Partnership
A business owned by two or more people

5. Partnership Partners share responsibility. Partners can share ideas.
Advantages
Disadvantages
Partners share responsibility.
Partners can share ideas.
Partners can share expenses.
Arguments can occur.
Share profits
Responsible for partner’s actions

6. What was the #1 franchise in 2017?
A legal agreement to begin a new business in the name of a recognized company for a fee
The franchisee pays a fee for using the brand name and agrees to strictly follow the standards and abide by the rules set forth by the franchise.
What was the #1 franchise in 2017?
Write down what you think the top 3 Franchises are?

7. Franchise Recognized Name Tested Management Business Set-up
Advantages
Disadvantages
Recognized Name
Tested Management
Business Set-up
Teaches all owners how to run a successful business.
High Cost
Competing Franchise System
Final Decision by Franchise
Products pre-selected