Lesson 6: Types of Business Ownership

“COURSE MATERIALS:Please read the following sections contained in the online textbook Boundless Business:
Types of Business Ownership

ASSIGNMENT:Please respond to the following

Define the following types of business ownership.

Sole Proprietorship
Limited Liability Company

For each type of ownership listed in #1 above, list the pros (advantages) and cons (disadvantages).  Be sure to pay close attention to owner liability and tax treatment for each type of business ownership.

Requirements:Minimum Page Length – 1 full-page (excluding title/header and reference list); 12-point Times New Roman; double spaced; and page numbering.