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Companies are organized differently based on the unique needs of the organization. Depending on the type of business entity selected when the business is launched, there are also differences in major features.

Create a table or chart showing the differences between sole proprietorships, partnerships, and corporations regarding ownership, decision making, income taxes, the responsibility of owners for the company’s debts, and the life of the company. In 2–3 paragraphs, describe the advantages and disadvantages of each type of organization. Using the Internet, find an example of each type of organization and briefly describe the companies you have identified for each category. Suppose you were starting a new business with a friend. You and your friend have agreed that he will invest most of the capital and that you will do most of the work. You will invest some cash and a two-year-old truck, which will be used as a delivery vehicle in the business. Briefly discuss what information you would include in the partnership agreement for the new company. Be as specific as possible.
Create a table or chart showing the differences between sole proprietorships, partnerships, and corporations regarding ownership, decision making, income taxes, the responsibility of owners for the company’s debts, and the life of the company.

In 2–3 paragraphs, describe the advantages and disadvantages of each type of organization.

Using the Internet, find an example of each type of organization and briefly describe the companies you have identified for each category.

Suppose you were starting a new business with a friend. You and your friend have agreed that he will invest most of the capital and that you will do most of the work. You will invest some cash and a two-year-old truck, which will be used as a delivery vehicle in the business. Briefly discuss what information you would include in the partnership agreement for the new company. Be as specific as possible.

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