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A business owned by a single individual. In general, the business has no existence apart from its owner: its life is limited to the proprietor’s own life span. FORMS OF BUSINESS ORGANIZATION 5 SOLE PROPRIETORSHIP Pros: •Easy to start & simple structure FORMS OF BUSINESS ORGANIZATION 6 Cons: •Unlimited liability from creditors •Equity raised is limited to the proprietor’s personal wealth PARTNERSHIP A business much like a sole proprietorship, but formed by two or more owners. FORMS OF BUSINESS ORGANIZATION 7 PARTNERSHIP Pros: •Easy to start & simple structure FORMS OF BUSINESS ORGANIZATION 8 Cons: •Unlimited liability from creditors for general partners •Difficult to transfer ownership CORPORATION A business created as a distinct legal entity composed of one or more individuals or entities.