BUS 100 Key PASSED Exam Questions and CORRECT Answers
Businesses may be organized as what? individual proprietorships, partnerships, or corporations. There are three main forms of business organizations in the economy today: the sole proprietorship, the partnership, and the corporation. Sole Proprietorship A business run by one person. It is the smallest type of business organization in size, yet the most numerous and profitable. Advantages to Sole Proprietorships: - ease of start-up - ease of management - owner gets all the profits - business itself pays no income taxes - taxes only on the owner's personal income - psychological satisfaction of owning one's business - ease of closing the business
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