... law Program Supervisor April 23, Business law Advice on available forms of business organizations that he can establish
An individual forms, owns, operates, and dissolves a sole proprietorship at will. It lacks legal personality status. These identify advantages such as easy and fast decision-making and authority over operations and profits but disadvantages such as limited capital base, financial risk, and burden of suffered losses, and lack of sustainability. Transfer also terminates ownership. Personal savings, gifts, donations, and loans are the sources of capital (Miller 2012, p. 496).
Partnership is formed by agreement among partners who contribute capital. It exist as a separate legal entity, ...