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Better Business, 5/e
book

Better Business, 5/e

by Michael R. Solomon, Mary Anne Poatsy, Kendall Martin
January 2017
Intermediate to advanced content levelIntermediate to advanced
500 pages
33h 23m
English
Pearson
Content preview from Better Business, 5/e

Chapter 6 Summary

  1. 6-1 Discuss the advantages and disadvantages of a sole proprietorship.

  • A sole proprietorship is a business owned and usually operated by a single individual.

  • The sole proprietorship is a common form of business ownership because it is the easiest to establish, but there are both strengths and weaknesses inherent in this business form.

  • The advantage of establishing a business as a sole proprietorship is that there are no formal, legal requirements for starting the business, and the revenues and expenses are reported directly on the business owner’s personal income tax return.

  • The primary disadvantage of a sole proprietorship is that the owner’s personal and business assets are at risk in the event of a business catastrophe. ...

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Publisher Resources

ISBN: 9780134522746