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Utilizing the concepts from Chapter 20, write a paper that discusses the four (4) business organizational forms, their advantages/disadvantages, and the extent of potential liability that the owner is exposed to in each organizational form. Compose the research paper in accordance with APA standards and cite a minimum of seven (7) scholarly peer reviewed sources as references (word count range 1800-1900 words).

Be sure to follow the writing guidelines and APA style provided in the Program Guidelines & Grading Rubrics section within "Course Resources".

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Explanation & Answer


Running Head: Business Forms


Business Forms

Business Forms

A business can be described as anything that is done or undertaken with the sole aim of making a
profit. Businesses are undertaken out of ideas that people may have fancied over time and they
are motivated to bring their ideas or dreams to reality. For a number of years, the world of
business has been one diverse industry and which happens as one of the basic factors controlling
the world nowadays (Mancuso, 2015). Economies of all the countries in the world are dependent
on the businesses of people from various countries. Having evolved from barter trade to the
current situation whereby people are able to transact we cannot deny that has been a gradual
process and which is so influential in the world today.
What are the various forms of business that are practiced today? These forms of businesses are
diverse and quite broad in various ways in which there is still an aspect of both advantages and
disadvantages of each of them. For instance, one of the forms that are practiced is the sole
proprietorship. This is the kind of business setting that involves engaging one in their business
whereby they do not have limited liability to the business. Mainly, this is done in small scale and
is practiced without necessarily one need to have the various knowledge and skills that are
needed to ensuring that they are able to run the business (Cartano, David 2018).
Who runs the business? The business is mainly is run and controlled by the person who started
the business and may be assisted by close family members as in most cases such setting it might
quite hard to employ laborers to help in such business since the profits are not so much to the
extent that they are able to cater for the business as well as the needs of the proprietor (Warda,
2005). In the setting of the sole proprietorship, it is good to note that the finances or rather the
funds that are used to start and run the business are acquired through various means. These
means may include means such as; savings that the proprietor may have saved over time,


Business Forms
donations from friends and relatives, small loans from Sacco’s or lending institutions or even
credit from leading wholesalers.
What are the advantages that are associ...

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