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Chapter 8 Section 1. Leonardo Orraca Michelle Aranguren Per.8. Sole Proprietorship. The first decision that an entrepreneur must make when starting a new business is to see in what form of business organization best serves their interests. Business Organization.

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chapter 8 section 1

Chapter 8 Section 1

Leonardo Orraca

Michelle Aranguren

Per.8

sole proprietorship
Sole Proprietorship
  • The first decision that an entrepreneur must make when starting a new business is to see in what form of business organization best serves their interests.
business organization
Business Organization
  • Is an establishment formed to carry on commercial enterprise in others words is a company or firm.

Sole Proprietorship

  • Is a business owned and managed by a single individual.
  • 75% of all small businesses are sole propietorship.

6% U.S sales

advantages of sole proprietorships
Advantages of Sole Proprietorships
  • Ease of Start-up: minimum requirements(authorization , site permit , name)
  • Relatively few regulations
  • Sole receiver of profit: owner gets to keep all profits after paying income taxes.
  • Full control
  • Easy to discontinue
business license
Business License:
  • Authorization to start a business issued by a local government.
  • Zoning Law: law in a city or town that designates separate areas for residency and for business.
disadvantages of sole proprietorship
Disadvantages of Sole Proprietorship
  • Unlimited personal liability
  • Limited access to resources
  • Lack of permanence

Liability: the legally bound obligation to pay debts.

Fringe benefit: payment other than wages or salaries. Examples are like health insurance, retirement pay or paid vacation.

quiz ch 8 sec 1
Quiz: Ch.8 Sec.1
  • 1. What is a sole proprietorship?
  • 2.Name at least 2 advantages and 2 disadvantages of Sole Proprietorships
  • 3.Fill in the blank: An establishment formed to carry on commercial enterprise is __________________
  • 4.What’s the percentage of all businesses that are sole proprietorships and what’s the percentage of how much U.S sales they generate?
  • 5. Give two examples of Fringe Benefits that sole proprietorships offer.
  • Define Liability