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BUS 100 Key PASSED Exam Questions and CORRECT Answers
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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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