1. Types of Business Ownership 1 Entrepreneurs need to understand the advantages and disadvantages of various forms of business ownership so they can choose the most appropriate form for their business. Section 7.1 Sole Proprietorships and Partnerships 7.1

2. Types of Business Ownership 2 Sole Proprietorship Section 7.1 Sole Proprietorships and Partnerships Group 1

3. Types of Business Ownership 3 Sole Proprietorship Section 7.1 Sole Proprietorships and Partnerships Group 2

4. Types of Business Ownership 4 Sole Proprietorship Section 7.1 Sole Proprietorships and Partnerships Group 3

5. Types of Business Ownership 5 Sole Proprietorship Section 7.1 Sole Proprietorships and Partnerships Group 4

6. Types of Business Ownership 6 Partnerships Section 7.1 Sole Proprietorships and Partnerships Group 5

7. Types of Business Ownership 7 Partnerships Section 7.1 Sole Proprietorships and Partnerships Group 6

8. Types of Business Ownership 8 Partnerships Section 7.1 Sole Proprietorships and Partnerships Group 7

9. Types of Business Ownership 9 Partnerships Section 7.1 Sole Proprietorships and Partnerships Group 8

10. Types of Business Ownership 10 In a corporation, the owners of the business are protected from liability for the actions of the company. Section 7.2 Corporations 7.2

11. Types of Business Ownership 11 Corporations Section 7.2 Corporations Group 9

12. Types of Business Ownership 12 Corporations Section 7.2 Corporations Group 10

13. Types of Business Ownership 13 Corporations Section 7.2 Corporations Group 11

14. Types of Business Ownership 14 Subchapter S Corporation Section 7.2 Corporations Group 12

15. Types of Business Ownership 15 Nonprofit Corporation Section 7.2 Corporations Group 13

16. Types of Business Ownership 16 Limited Liability Company Section 7.2 Corporations Group 14

17. Types of Business Ownership 17 Making the Decision Before deciding on a legal form, ask yourself key questions about: Section 7.2 Corporations your skills capital expenses willingness to assume liability level of control wanted length of time you expect to own the business