to accept full responsibility for firm performance?Business profits are not shared with creditors?Need strong leadership skills, must be anized, municate well with employeesР2–9РSole ProprietorshipРAdvantages?All earnings go to the sole proprietor?plete control?Lower taxesРDisadvantages?Sole proprietor incurs all losses?Unlimited liability?Limited funds?Limited skillsР2–10РTypes of PartnershipsРGeneral Partnerships?All partners have unlimited liability.?Limited Partnerships?Some partners have personal liability that is limited to the cash or property they invested in the firm.?One or more general partners who actively manage the business, receive a salary, share in profits and losses, have unlimited liability.?Personal earnings received from the partnership are subject to personal e taxes.
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