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The Major Disadvantage of a Sole Proprietorship
Sole Proprietorship Discussion Response
reply to the summary below
summary
The Major Disadvantage of a Sole Proprietorship
A sole proprietorship is a business structure where one person owns and runs the business. It is a widespread business organization in the United States and other developed nations. A sole proprietorship has no formal board of directors or
shareholders. The owner is responsible for all business’s financial, legal, and operational aspects (Lobo & Bhat, 2022). There are several major disadvantages associated with a sole proprietorship. First, it is straightforward to lose track of
responsibilities when running own business. The owner of the business may feel like they need to be hands-on all the time, but if one has employees to manage, this isn’t always necessary (Lobo & Bhat, 2022). Second, there is no formal
structure for managing finances or employee relations. It may be difficult to resolve if a problem arises without involving an attorney. Finally, a sole proprietorship doesn’t offer any protection from lawsuits because no third party is involved.
A Corporation Differ from A Partnership
A corporation is a business entity that has its own set of rules and regulations, as opposed to a partnership, which is an unincorporated business that does not have its own legal identity. While multiple people can own partnerships,
corporations are owned solely by their shareholders. Corporations also have bank accounts and must file annual reports with the IRS (Bouchoux, 2022). In addition to the differences between a corporation and a partnership, there are other
important legal distinctions between these two types of business entities. For example, corporations must have separate ownership from their shareholders. For shares in a corporation to be sold or transferred, they must be registered with
the SEC (Bouchoux, 2022). This means that shareholders must file paperwork with the SEC to transfer ownership of their shares. If a corporation wants to sell or transfer shares over the internet or through other channels, such as private
sales or secondary market trading, it must also register with the SEC. Corporations also have different reporting obligations than partnerships do. Corporations must file annual reports with the IRS and make certain information available to
the public through SEC filings.
At the same time, the main distinction between a corporation and a partnership is that corporations are legally recognized as persons and may own property. In contrast, partnerships are groups of individuals agreeing to share ownership in a
business venture. Although there are many differences between corporations and partnerships, the most significant difference is that corporations are considered legal entities separate from their owners, while partnerships are not
(Bouchoux, 2022). There are other key differences between corporations and partnerships, including who may be a member, how they can be organized, how much they can grow, how long they need to last and what rights they have.
Corporations are owned by one or more people known as shareholders who hold shares of stock in the company. Shareholders may include the company’s officers, employees or other members (Bouchoux, 2022). While shareholders can be
anyone interested in the company’s success, they must meet specific requirements to become members. For example, they must be 18 or older and have a minimum amount of money invested in the corporation’s shares. Corporations cannot
have more than 100 shareholders at any given time.
The Major Disadvantage of a Sole Proprietorship
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Excellent Quality 95-100%
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Introduction
45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Literature Support 91-84 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met. |
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Average Score 50-85% |
40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided. |
83-76 points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration. |
52-49 points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met. |
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Poor Quality 0-45% |
37-1 points The background and/or significance are missing. No search history information is provided. |
75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration. |
48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met |
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