Discuss the sole proprietorship legal form.

1
7.1/7.2

• Discuss the sole proprietorship legal form.
• Explain the partnership legal form.
• Explain how the corporate form gives owners more
  protection from liability.
• Discuss the advantages and disadvantages of a
  C-corporation
• Describe a Subchapter S corporation.
• Compare nonprofit corporations to C-corporations.
• Explain the limited liability company.
• Discuss how to decide which legal form to use

Section 7.1 Sole Proprietorships and Partnerships
2
7.1
partnership general partner limited partner

• sole proprietorship
• liability protection
• unlimited liability

7.2
corporation C-corporation shareholders limited
liability
Subchapter S corporation limited liability
company (LLC) nonprofit corporation
Section 7.1 Sole Proprietorships and Partnerships
3
Advantages
Sole Proprietorship
Section 7.1 Sole Proprietorships and Partnerships
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4
Disadvantages
Sole Proprietorship
Section 7.1 Sole Proprietorships and Partnerships
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5
Advantages
Partnerships
Section 7.1 Sole Proprietorships and Partnerships
5
6
Disadvantages
Partnerships
Section 7.1 Sole Proprietorships and Partnerships
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7
7.1

1. Discuss the sole proprietorship legal form.

Section 7.1 Sole Proprietorships and Partnerships
8
7.1

1. Explain the partnership legal form.

Section 7.1 Sole Proprietorships and Partnerships
9
Advantages
C-Corporation
Section 7.2 Corporations
9
10
Disadvantages
C-Corporation
Section 7.2 Corporations
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11
7.2

1. Explain how the corporate form gives owners
   more protection from liability.

Section 7.2 Corporations
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7.2

1. Discuss the advantages and disadvantages of a
   C-corporation.

Section 7.2 Corporations
13
7.2

1. Describe a Subchapter S corporation.

Section 7.2 Corporations
14
7.2

1. Compare nonprofit corporations to
   C- corporations.

Section 7.2 Corporations
15
7.2

1. Explain the limited liability company.

Section 7.2 Corporations
16
7.2

1. Discuss how to decide which legal form to use.

Section 7.2 Corporations