The partnership form of organization has advantages and disadvantages. The chapter noted that different types of partnerships have been developed to minimize some of these disadvantages. Alternatively, an individual or company can choose the proprietorship or corporate form of organization.

Instructions

Go to two local businesses that are different, such as a restaurant, a retailer, a construction company, or a professional office (dentist, doctor, etc.), and find the answers to the following questions.

(a) What form of organization do you use in your business?

(b) What do you believe are the two major advantages of this form of organization for your business?

(c) What do you believe are the two major disadvantages of this form of organization for your business?

(d) Do you believe that eventually you may choose another form of organization?

(e) Did you have someone help you form this organization (attorney, accountant, relative, etc.)?