Forms of Ownership:
- Sole Proprietorship
- Partnership
- Corporation
- Limited Liability Company
Sole Proprietorship
A sole proprietorship is a business owned and managed by one individual.
Advantage:
- Simple To Create
- The least costly form to begin
- Profit incentive
- Total decision-making authority
Disadvantages
- Unlimited Personal Liability
- Limited Skills and Capabilities
- Limited Access To Capital
- Lack of Continuity
- Work Overload
Partnership
Partnership is one way to overcome the disadvantages of the sole proprietorship.