As this chapter indicates, the partnership form of organization has advantages and disadvantages. The chapter noted that

Question:

As this chapter indicates, the 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.)?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...