4: Forms of Business Ownership

Learning Objectives

By the end of the chapter, you should be able to:

  1. Identify the questions to ask in choosing the appropriate form of ownership for a business.
  2. Describe the sole proprietorship and partnership forms of organization, and specify the advantages and disadvantages.
  3. Identify the different types of partnerships, and explain the importance of a partnership agreement.
  4. Explain how corporations are formed and how they operate.
  5. Discuss the advantages and disadvantages of the corporate form of ownership.
  6. Examine special types of business ownership, including limited liability companies, cooperatives, and not-for-profit corporations.
  7. Define mergers and acquisitions, and explain why companies are motivated to merge or acquire other companies.

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