- A company owned by one person.
- Sole owner is responsible for 100% of all liabilities. If liabilities can not be paid off, those collecting on them can take the owners belongings
- Owner owns 100% of all profits made, and can take out as much of the company's money as possible
- It is easy to make decisions because owner has final say.
Partnership:
- Has two or more owners who share equally in responsibility of the company.
- Owners share in liability
- Owners have to split profits made amongst each other
- Harder to make decisions because of various opinions
4 comments:
this is a pretty sweat page........ just thought i would let you know.
Need to see your ch.11 summary. Be sure to include your understanding of calculating and journalizing sales and sales tax. There will be math activities that we will engage in.
It takes one to know one...lol....you are like so mean to me....i am not going to take that from you anymore meany!!!!!!! you me after school....got me
finish your work just kidding!!! hey??!!
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