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3

© 2004 West Legal Studies in Business A Division of Thomson Learning

Difficult to raise financing

Ease of creation; maintenance

Lacks continuity after death

Flexibility

Owner is personally liable for all torts/contracts

Owner is in complete control & receives all profits

Disadvantages

Advantages

§ 1:  Sole Proprietorships

  The owner is the business; anyone who does business without creating a separate business organization has a sole proprietorship.

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