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2 years ago

What are the three legal forms of business organization? What are the advantages and disadvantages of each one

Business

1 answer:

My name is Ann [436]2 years ago

7 0

Answer:

Explanation:Three legal form of business organization

(1)sole proprietorship:-this is a one man business the PROPRIETOR. He runs the total affairs of the business

Advantages:-The owner has the final says

He enjoys all profits

Disadvantage:-the owner bears the loss alone.

His death can end the business..

(2)PARTNERSHIP:-It is a business owned by two or more people called partners..

advantages:-fund raising is easy..

They bring experience together..

Work load is shared.

Disadvantages:-profits is sheared..

Disagreement can set in and end the business

Death of some partners can end the business..

LIMITED LIABILITY COMPANY:-A limited liability company is a corporate structure whereby the owner are not personally liable for the company's debt or liabilities. Limited liability companies are hybrid entities that combines Tue characteristics of a corporation with those of a partnership or sole proprietorship..

Advantage:-transfer of ownership is easy..

Disadvantage:-exploitation of share holders..

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