ENTREPRENEURSHIP

• ● There are three primary legal forms

  of organizations:

  ○ Sole proprietorship

  ○ Partnership

  ○ Corporation
• ● Sole Proprietorship

  ○ Is a business that is owned and operated by one

  person. The enterprise has no existence apart from

  its owner.
• Sole proprietorship - The individual has a right to all of the profits and

  bears all of the liability for the debts and obligations

  of the business.
• Sole proprietorship - The individual also has unlimited liability, which

  means that his business and personal assets stand

  behind the operation.
• Sole proprietorship - If the company cannot meet its financial obligations, the

  owner can be forced to sell the family car, house, and

  whatever assets there are in order t satisfy the creditors.
• Sole proprietorship - To establish a sole proprietorship, a person needs merely to obtain whatever local and state licenses are necessary to being operations.