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The vast majority of businesses in the United States are owned and organized under one of the four forms: 1. Sole Proprietorship, 2. Partnership, 3. Corporation, and 4. Limited Liability Company (LLC). If you are considering starting a new business, which one (form) would you choose? Why? Business Formation: Choosing the Form That Fits LEARNING OBJECTIVES Ater itudying this chaptet, you wili bes able to Deacribe the characteristies of the four basic forms of business oumership Remember to visit Discuss the advantages and disadvantages of a sole proprietorship PAGE 111 Evaluate the pros and cons of the partnership as a form of business ownenhip for additional Explain why corporations have become the dominant form of business ownenhip STUDY TOOLS Explain wiyy limited liability companies are becoming an increasingly popular form of buslmess ownership Evaluate the advantages and disadvantages of franchising One of the most important decisions entrepreneurs make when starting a new business is the form of ownership they'll use. The form they choose affects virtually every aspect of establishing and operating their firm, including the initial cost of setting up the business, the way the profits are distributed, the types of taxes (if any) the business must pay, and the types of regulations it must follow. Choice of ownership also determines the degree to which each owner is personally liable for the firm's debts and the sources of funds available to the firm to finance future expansion. Finally, choosing the right business form helps entrepreneurs battle the steep odds against survival. Eighty percent of new businesses close within five years, and even 37% of large, established, and highly successful Fortune 500 and S\&P 500 firms can be expected to fail every five years. 1