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1、~1.3FormsofBusinessOrganizationLargefirmsintheUnitedStates,suchasIBMandExxon,arealmostallorganizedas
corporations.Weexaminethethreedifferentlegalformsofbusinessorganization—sole
proprietorship,partnership,andcorporation—toseewhythisisso.SoleProprietorshipAsoleproprietorsh
2、ipAbusinessownedbyasingleindividual.isabusinessownedby
oneperson.Thisisthesimplesttypeofbusinesstostartandistheleastregulatedformof
organization.Forthisreason,therearemoreproprietorshipsthananyothertypeof
business,andmanybusinessesthatlaterbecomelargecorporationsstartouta
3、ssmall
proprietorships.Theownerofasoleproprietorshipkeepsalltheprofits.That'sthegoodnews.Thebad
newsisthattheownerhasunlimitedliabilityforbusinessdebts.Thismeansthatcreditors
canlooktotheproprietor'spersonalassetsforpayment.Similarly,thereisnodistinction
betweenpersonalan
4、dbusinessincome,soallbusinessincomeistaxedaspersonal
income.Thelifeofasoleproprietorshipislimitedtotheowner'slifespan,and,importantly,the
amountofequitythatcanberaisedislimitedtotheproprietor'spersonalwealth.This
limitationoftenmeansthatthebusinessisunabletoexploitnewoppo
5、rtunitiesbecauseof
insufficientcapital.Ownershipofasoleproprietorshipmaybedifficulttotransfersince
thisrequiresthesaleoftheentirebusinesstoanewowner.Formoreinformationonformsofbusinessorganization,seethe“ownershipstructures”
sectionunder“businessandhumanresources”atwww.no
6、lo.com.Partnership
Apartnershipissimilartoaproprietorship,exceptthattherearetwoormoreowners
(partners).Inageneralpartnership,allthepartnersshareingainsorlosses,andallhave
unlimitedliabilityforallpartnershipdebts,notjustsomeparticularshare.Theway
partnershipgains(andlosses
7、)aredividedisdescribedinthepartnershipagreement.This
agreementcanbeaninformaloralagreement,suchas“let'sstartalawnmowing
business,”oralengthy,formalwrittendocument.Inalimitedpartnership,oneormoregeneralpartnerswillrunthebusinessandhave
unlimitedliability,buttherewillbeoneo
8、rmorelimitedpartnerswhodonotactively
participateinthebusiness.Alimitedpartner'sliabilityforbusin
