New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Chapter 4 question

by: Tiew Chen Wooi

Chapter 4 question BMGT 1010-001

Tiew Chen Wooi
View Full Document for 0 Karma

View Full Document


Unlock These Notes for FREE

Enter your email below and we will instantly email you these Notes for Business Principle

(Limited time offer)

Unlock Notes

Already have a StudySoup account? Login here

Unlock FREE Class Notes

Enter your email below to receive Business Principle notes

Everyone needs better class notes. Enter your email and we will send you notes for this class for free.

Unlock FREE notes

About this Document

Business Principle
Dr. Karen
Class Notes




Popular in Business Principle

Popular in Business

This 1 page Class Notes was uploaded by Tiew Chen Wooi on Monday October 10, 2016. The Class Notes belongs to BMGT 1010-001 at University of Toledo taught by Dr. Karen in Fall 2016. Since its upload, it has received 4 views. For similar materials see Business Principle in Business at University of Toledo.

Similar to BMGT 1010-001 at Toledo


Reviews for Chapter 4 question


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 10/10/16
Check Your Progress 1. Name five advantages of a sole proprietorship. Advantages of sole proprietorship are owners keep all profits without sharing with other stockholders or partners, flexibility and control of the business by making quick decisions without anyone’s approval, can be dissolved easily without approval from anyone and only financial obligations must be paid or resolved, taxes only paid once because profits from sole proprietorships are considered personal income and are taxed at individual tax rates, and government regulation is minimal because most of the government regulations only applied to business that have certain number of employees. 2. List two different types of partnerships and describe each. Two types of partnership are general partnership and limited partnership. General partnership involves a complete sharing in both the management and the liability of the business. In general partnership, each partner has unlimited liability for the debts of the business. Limited partnership is a business organization that has at least one general partner, who assumes unlimited liability, and at least one limited partner, whose liability is limited to his or her investment in the business. 7. Compare the liability of the owners of partnerships, sole proprietorships, and corporations. Owners of sole proprietorships has unlimited liability in meeting the debts of the business. In other words, if the business cannot pay its creditors, the owner may be forced to use personal, non-business holdings to pay off the debts. In general partnership, the general partners have unlimited liability for the debts incurred by the business. If one of the partner’s personal financial resources are greater than those of the others then it will become disadvantages to other partner. In corporations has limited liability because the corporation’s money and resources and liabilities are separate from its owners, in most cases the stockholders are not held responsible for the firm’s debts if it fails. Their liability or potential loss is limited to the amount of their original investment.


Buy Material

Are you sure you want to buy this material for

0 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Allison Fischer University of Alabama

"I signed up to be an Elite Notetaker with 2 of my sorority sisters this semester. We just posted our notes weekly and were each making over $600 per month. I LOVE StudySoup!"

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.