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Father of Light and Wisdom, thank you for giving me a mind that
can know and a heart that can love.
Profit incentive
Total decision-
making
No special legal
restrictions
Easy to discontinue
Sole Proprietorship
Disadvantages
Unlimited personal
liability
Limited skills and
abilities
Feelings of isolation
Lack of continuity of
business
Partnership
An association of
two or more
people who co-
own a business
for the purpose of
making a profit
Complementary skills
Division of profits
Flexibility
Taxation
Partnership
Disadvantages
Unlimited liability of at
least one
Difficulty in disposing
of interest
Lack of continuity
Potential for
personality and
authority conflicts
Partners bound by law
of agency
Corporations
incorporating
Double taxation
Potential for
diminished incentives
Legal requirements and
red tape
Potential loss of control
Activity: Role Playing
Aim
This activity is designed to help participants
Group 2- Partnership
Group 3- Corporation