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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
