2.  Owned and managed by a single individual  IRS- 75%  Generate 6% of US sales  Name a few

3.  Advantages › Start up costs › Few regulations- Taxes › Profits › Control › Discontinue  Disadvantages › Liability › Limited access to resources › Limited life

4.  Owned by two or more people  7%  5-10% of US sales  Types › General › Limited › Limited Liability  Name a Few

5.  Advantages › Ease of Start up › Decision making (Specialization) › More Capital › Taxation  Disadvantages › Liability › Conflict with Partner

6.  Legal entity owned by Stock holders limited liability for firm’s debts  Types › Private › Public  Structure- Bd of Directors  Name a Few

7.  Advantages › Limited liability › Transferable ownership › Lots of capital › Long life  Disadvantages › Expensive › Double taxes › Control? › Strict legal requirements and regulations