Sole Proprietorship: Easiest to start, One Owner, The owner is solely liable for all debts, Many run out of money, Least regulated, Business ends when the owner dies, Most Common, Partnership: Two or more owners, Owners share unlimited liability, Share responsibilities with at least one other person, Business risk is shared, If one partner makes a mistake, all partners are responsible, Requires a partnership agreement, Corporation: Raise money by selling stocks, Most expensive form of ownership, Owned by shareholders, Limited Liability is a big advantage, Requires a Charter Agreement, Difficult and costly to start, Business does NOT end when an owner dies,

Forms of Business Ownership

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