Reference no: EM133174585
A perfect example of a company name that identifies it a sole proprietorship is "Ben and Jerry's Ice Cream Company".
The biggest disadvantage of owning a sole proprietorship is that the owner can be sued and be in danger of losing their business, their home, their car, etc. This is called unlimited lability.
One of the disadvantages of owning a partnership is that you and your partners will not always agree on important business decisions which could result in the business being shut down.
One advantage of a corporation form of ownership is that only the corporation and its assets can be sued and will not involve anyone's personal assets. This is called limited liability.
A crown corporation is a corporation that is owned by either a King or a Queen.
Shareholders are considered part owners of a corporation because they own a share of the corporation's total ownership.
A limited partnership is a type of partnership where some partners enjoy the benefits of limited lability.
A partnership agreement is recommended for a partnership so the roles and responsibilities of each partner is well defined. This will help to reduce many disagreements.
A good example of a franchise is McDonalds and Wendy's restaurants.
Gross Domestic Product is the total of all goods and services produced in a country's economy in a year.