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FMA 1 of 5: Proprietorships and Partnerships (Essay Sample)

Critique the benefits and drawbacks of proprietorships and partnerships as a form of business organization. Your response should be at least 250 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations Text book Practical Financial Management 6th Edition Lasher © 2011 Cengage Learning, ISBN: 1439080496, 9781439080498, 1133464165, 9781133464167, 1111258201, 9781111258207 source..

Proprietorships and Partnerships
Partnerships and proprietorships constitute some of the most common types of business organization. Partnerships and proprietorships tend to be relatively simple to set up owing to their minimal legal and capital requirements. As such, people with limited resources and who lack the capacity to meet the legal requisites for a corporation as well as those whose legal environments are limiting can effortlessly start this form of businesses. Similarly, partnerships and proprietorships are only taxed once and thus, lose minimal levels of income through government levies. Conseque...
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