Businesses

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Types and Forms of Businesses

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Twin, A. (2024, June 18) What Is Sole Proprietorship, investopedia, https://www.investopedia.com/terms/s/soleproprietorship.asp

microsoft writing staff, ( 2025, February 7) microsoft, Microsoft Trademark and Brand Guidelines, https://www.microsoft.com/en-us/legal/intellectualproperty/trademarks

Blakes writing staff, ( 2025, February 7) LexMundi, Blake, Cassels & Graydon LLP, https://www.lexmundi.com/firms/blake-cassels-graydon-llp/toronto/

gadson.R (2024, February 29) state farm, State Farm® Announces 2023 Financial Results, https://newsroom.statefarm.com/2023-financial-results/

logo my way writing staff (2025, february 7) logomyway, McDonald’s Logo and Its History, https://blog.logomyway.com/mcdonalds-logo-history/

The Investopedia Team, (2024, June 18) Corporation: What It Is and How to Form One, investopedia, https://www.investopedia.com/terms/c/corporation.asp

Kopp C.M. (2024, June 27) Partnership: Definition, How It Works, Taxation, and Types, investopedia, https://www.investopedia.com/terms/p/partnership.asp

Hayes A. (2024, june 30) What Is a Franchise, and How Does It Work?, investopedia https://www.investopedia.com/terms/f/franchise.asp

Joannes deli writing staff. (2025, February 7) joanne's deli, joannes deli https://joannesdeli.com/

Businesses

Corporations

disadvantages - more complicated and expensive to setup - must be registered in every province it runs

advantages - The tax rate is lower than sole proprietorship - ownership is easily transferable

Sole Proprietorships

disadvantages - unlimited liability - huge time commitment

advantages - keep all the profits - you're your own boss

Franchises

advantages - instant recognition - Established customer base

disadvantages - very expensive -lack of decision making

co-operative

advantages - shared skills and experience - Less risk than sole proprietor & partnership

disadvantages - decision making difficult because lots of members -Individual members may hesitant to invest more

business which is owned and run by its members, who share profits

Partnerships

advantages -cheap to set up and organize - share debt and vacation easier

disadvantages - unlimited liability - Conflicts between partners that can not be worked out