The document discusses the major forms of business ownership including sole proprietorships, partnerships, corporations, S-corporations, and limited liability companies. For each form of ownership, it covers characteristics like liability, tax implications, control structure, and costs. Choosing the best structure depends on an entrepreneur's goals, capital needs, and tolerance for risk. The key is understanding how each form matches their specific business and personal circumstances.

1. Forms of Business Ownership Chapter 5 Chapter 5: Forms of Ownership

5. Source: BizStats.com/businesses.htm

6. Source: BizStats.com/businesses.htm

9. Liability Features of the Basic Forms of Ownership Sole Proprietorship Claims of Sole Proprietor’s Creditors Sole Proprietor’s Personal Assets

15. Liability Features of the Basic Forms of Ownership Partnership Claims of Partnership’s Creditors Partnership’s Assets General Partner’s Personal Assets General Partner’s Personal Assets

20. Liability Features of the Basic Forms of Ownership Corporation Claims of Corporation’s Creditors Corporation’s Assets Shareholder’s Personal Assets Shareholder’s Personal Assets Barrier Barrier

23. Liability Features of the Basic Forms of Ownership S-Corporation Claims of S-Corporation’s Creditors S-Corporation’s Assets Shareholder’s Personal Assets Shareholder’s Personal Assets Barrier Barrier

26. Liability Features of the Basic Forms of Ownership Limited Liability Company (LLC) Claims of LLC’s Creditors LLC’s Assets Member’s Personal Assets Member’s Personal Assets Barrier Barrier