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Team Chart

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Business Form Number of Owners? Are Owners Liable for the firm’s debt? Do Owners manage the firm? Does an Ownership change dissolve the firm? Access to Capital Taxation
Sole Proprietorship One Yes Yes, in a sole proprietorship the owner manages all aspects of the business. No, Not always, once the change in ownership, the owner can change the decisions pertaining to the goal of the company and the gp's will have to make that change in direction for the new owner. Many lenders are hesitant to provide financing to owners of sole proprietorships partially due to fear about their ability to recover the funds should the owner die or become disabled. Lenders who make such loans require borrowers to provide personal guaranties on the loan. Since a sole proprietorship is one owner and if that owner needs access to capital they will be responsible for backing the loan with their personal finances. If an individual has bad debt and decides to file bankruptcy then the business loan will be affected. Banks and other lending institutions are aware that such scenarios occur, and they plan accordingly. Personal Taxes
General Partnership Two or more principal owners/managers or entities; who are co-owners/co-managers that share in the profits of the business operation. Yes, All partners are responsible for any debts which the partnership may incur. If debts are not paid, the creditors may seek to recoup their losses by going after the partner’s personal assets. All partners have unlimited management.

No, A change in Ownership of a Sole Proprietorship Business does not always have to dissolve the firm. If the new owner(s) are family members and wanted to purchase the business from another family member that would like to carrier on the family business while the other family members retire. Capital may be obtained through debt (borrowed money, commercial lender, or

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