Partnership Other types :Joint Venture, Technical Partnership,Syndicate,Cooperative,and Franchise Here:The form of organization means the type of ownership The main differences between the types of ownership are in their ability to raise capital, the size and the continuty of the enter rise,the disposition of profits,and the legal obligations in the event of bankruptcy Sole proprietorship Definition Sole means single,and the proprietor is the owner. a sole proprietorship is a business owned and usually managed by just one person who is responsible for its debts although it may have many employees. Advantages: Ease of Establishment;Independence, Flexibility:Secrecy.Pride of Ownership;Tax Advantages Disadvantages Limited Potential for Profitability;Management Problems,Financial Problems,Unlimited Liability: Overwhel ing Time Commitmen Few Fringe Benefit Limited Growth;Limited Life Partnership Definition: A partnership is a legal association of two or more persons in a business,as co-owners of that business Three key elements (1)common ownership; (2)shared profits and losses, (3)the right to participate in managing the 88 Partnership Corporation Other types :Joint Venture, Technical Partnership, Syndicate, Cooperative, and Franchise. Here: The form of organization means the type of ownership . The main differences between the types of ownership are in their ability to raise capital, the size and the continuity of the enterprise, the disposition of profits, and the legal obligations in the event of bankruptcy. Sole proprietorship Definition Sole means single, and the proprietor is the owner. A sole proprietorship is a business owned and usually managed by just one person who is responsible for its debts, although it may have many employees. Advantages: Ease of Establishment; Independence; Flexibility; Secrecy; Pride of Ownership; Tax Advantages Disadvantages: Limited Potential for Profitability; Management Problems; Financial Problems; Unlimited Liability; Overwhelming Time Commitment; Few Fringe Benefit Limited Growth; Limited Life Partnership Definition： A partnership is a legal association of two or more persons in a business, as co-owners of that business. Three key elements: (1) common ownership; (2) shared profits and losses; (3) the right to participate in managing the