Ch+8.1

Ch 8.1 list of advantages and disadvantages of sole proprietorships

advantages Disadvantages
 * easy to start up
 * few regulations
 * make your own profit
 * full control
 * be your own boss
 * easy to stop running the business
 * unlimited personal liability
 * limited access to resorces
 * might have to turn down work because cant simply keep up
 * lack of performance meaning that if something happens to the owner the business still keeps running

Ch 8.1 notes and questions #1-5

__Sole propreitoprships__ __Disadvantages of sole proprietorships__
 * business organization- is an establishment formed to carry on commercial enterprise
 * sole proprietorship is a business owned and managed by a single person
 * business license which is an authorization from the local government.
 * zoning laws may prohibit sole proprietors from operating business face few legal requirements
 * Liability is the legally bound obligation to pay debts
 * fringe benefits are payments to employees other than wages or salaries such as a paid vacation, retirement pay and and health insurance

questions #1-5
 * 1) A business organization is is an establishment formed to carry on commercial enterprise
 * 2) a sole proprietorship is a business owned and managed by a single person
 * 3) business license and zoning laws pretty much establish a permit and regulations for proprietorships because it allows them to operate
 * 4) the liabilities that they are fully and personally responsible for all business their debts
 * 5) because if they were to offer to much they really wouldn't have any business, someone has to do the work