Forms of Business Organization
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Words: 930
Pages: 3
(approximately 235 words/page)
Pages: 3
(approximately 235 words/page)
Essay Database > Business & Economy > Accounting
From a legal point of view, there are four types of businesses:
1. Sole proprietorships;
2. Partnerships;
3. Corporations; and
4. Co-operatives.
A brief description of each type is followed by a summary of their advantages and disadvantages. For specific information on how or where to register or incorporate a business, contact your local CBSC.
Sole Proprietorships
This is the simplest way to set up a business. A sole proprietor is fully responsible for all debts and obligations related
showed first 75 words of 930 total
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showed first 75 words of 930 total
showed last 75 words of 930 total
conflict between shareholders and executives Co-operatives Advantages <Tab/> --------- owned and controlled by members democratic control (i.e. one member, one vote) limited liability profit distribution (surplus earnings) to members in proportion to use of service; surplus may be allocated in shares or cash Disadvantages ----------- possibility development of conflict between members longer decision-making process participation of members required for success extensive record keeping necessary less incentive to invest additional capital
conflict between shareholders and executives Co-operatives Advantages <Tab/> --------- owned and controlled by members democratic control (i.e. one member, one vote) limited liability profit distribution (surplus earnings) to members in proportion to use of service; surplus may be allocated in shares or cash Disadvantages ----------- possibility development of conflict between members longer decision-making process participation of members required for success extensive record keeping necessary less incentive to invest additional capital