Reference no: EM133081200

Please reply to this message: "Each of the three main forms of business ownership have their own pros and cons. For sole proprietorship, you don't have to divide your profits and it's very easy to start on your own, but you are liable for everything that happens within your business and you have to invest a lot of your own time and money to keep it alive. With a partnership, there's more financial resources available, no special taxes, and a better chance of survival, but you have to divide your profits and make a legal agreement, not to mention potential conflicts that you and your partner can have. For corporations, you have limited liability, ease of ownership change, and the ability to raise large amounts of money/power, but the initial costs are scary amounts, conflicts can arise between the owners/management, and double taxation. The modern corporation is easily one of the more dominant forms of business ownership because of the guarantee that it will last longer than other forms and that some of the processes are easier, especially with changing owners or growing."

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