SOLE PROPRIETERSHIP

Owned and controlled by one person.

• Most common form in U.S.
• Highest risk of failure of any form of business.

• Requires small amounts of capital.
• Quick decision making and total control.
• Easy to form and few legal considerations.
• Receives all profits.
• Much personal satisfaction in the companies success.

• Lack of longevity/limited life.
• Unlimited liability.
• Limited growthpotential.
• Sole reponsebility.

Owned and controlled by two or more people.

• Two types: general (day-to-dayoperations)and limited (silent partner)
• Fewest in number of any form of business.

• Requires small amounts of capital.
• Shared decision making
• Easy to form and few legal considerations.
• Shared loses.
• Much personal satisfaction in the companies success.