Listed below are definitions, examples, or descriptions related to business entities.
1. Owned by one person
2. Can make and sell goods (manufacturing)
3. Owned by more than one person
4. Can sell goods (merchandising)
5. Can provide and sell services
6. Legally, a separate entity from the owner(s)
7. A law firm owned by some of the employees, who are each liable for the financial obligations of the entity
8. The Coca-Cola Company
Required:
1. For each of the three types of business entities (sole proprietorship, partnership, and corporation), select as many of the definitions, examples, or descriptions as apply to that type of entity.
2. Explain the advantages and disadvantages of each type of business entity.