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Economics

In a country like the United States that is surrounded by several economic issues, the concept of running a business is very important. In order to consume and produce products there needs to be a business that manages everything. In order to have a business, there needs to be a form of business organization to see how it is going to be managed. There are three main forms of business organizations; a sole proprietorship, a partnership, and a corporation. Although they might be beneficial when having a business it has its advantages and disadvantages.
A sole proprietorship is a business owned and run by one person. Although it is the most profitable of all business organizations, this is the smallest in size. To form a proprietorship one would need a license and a fee. One advantage of a sole proprietorship is the ease of starting up. For example if someone has an idea to make a profit then he or she only has to decide to go and do it. One disadvantage is that it has unlimited......


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Approximate Word Count: 468
Approximate Pages: 2 (250 words per double-spaced page)

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