UNTT_2: Anatomy of a Business: From Concept to Reality ‘Activity 4 Generating and Evaluating Business Ideas Activity 2.4.4 TYPES OF BU: OWNERSHIP Use a check mark to indicate the type of business organization to which each statement applies, and record whether the statement indicates an advantage or disadvantage of the form of organization. Each statement might apply to more than one type of business organization SOLE STATEMENTS PROPRIETORSHIP PARTNERSHIP | CORPORATION AtvenisacDisedveniass | advaniage/Disadvantngs | Advantage/Dizadvaniage ‘This form oF organization allows owners 10 be their ‘vn bosses, ‘Kn agreement w rected belore starting up this type of business organization. ‘The workers In this pe of business organization cn become isolated from the owners, "This type of business makes It easier for owners to attract the capital needed for exoansion. Ttmay be dittiealt to get @ loan 9 start this type of business, Wikis bype of business successful, high taxes may result [his form of organization provides a way of avoiding fhe coat of bankruptcy. The owners ofthis Kind oF business hays total liability or debi. ‘Fhis ope of business allows specialization to crease the ammount of sverk sceoreplished. Budgeting is fairly easy im this type of business organization. SOURCE: The Entrepreneurial Spirit (McGraw-Hill Ryerson) Um2 40 “introduction to Business - Open