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˜ Business entity owned and operated by
one person.

˜ This is usually the least costly way of

starting a business.
˜ 
  
˜ uasiest to get started
˜ Greatest freedom of action
˜ Maximum authority
˜ Income tax advantages in very small firms
˜ Problems with isolation

˜ ° 
  
˜ ºnlimited liability
˜ Death or illness endangers business
˜ Growth limited to personal energies
˜ Personal affairs easily mixed or confused
˜ Social security advantage to owner with business
  

˜
partnership is an association between two or more persons who
have agreed to operate a business.
˜ Partnership is where two or more parties cooperate and work
together
˜
partnership brings together and uses partners' resources more
economically, efficiently and effectively.
˜ Partnerships are a means of achieving outputs and outcomes that
are important in relation to the needs of the local community
˜ Partners develop a commitment to an agenda for joint or co-ordinate
action
˜ The partnership process involves planning each partner's
contribution, what is expected of them and how they will benefit.
˜ The partnership involves the formation of effective leadership of the
joint or co-ordinate action being taken.
 
°

Ä Type of business
Ä
mount invested by each partner
Ä Division of profit and loss
Ä Compensation for each partner
Ä Distribution of assets on dissolution
Ä Duration of partnership
Ä Restrictions of authority ± expenditures
Ä Provisions for withdrawals or admission of additional
partners
Ä Dispute settlement clause
Ä Provisions for dissolving
Ä Settlement in case of death or incapacitation of any
partner
˜ 
  
˜ Two heads are better than one
˜
dditional sources of capital
˜ Better credit rating than corporation of similar size
˜ uase of formation
˜ ° 
  
˜ Death, withdrawal, or bankruptcy of one partner
˜ Difficult to get rid of bad partner
˜ Hazy line of authority.
˜ Personally liable for business debts
˜ Divided authority.
 
  
˜ 

    

  
 
  





            
             
  
           
         

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˜ Co-operative Initiative Panel
˜ Transport Co-Operative Society
˜ S
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˜ Cooperative Banks
˜ Sugarcane Growers Cooperative Society
 

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˜
ppointment
˜ Trademark and copyright license and
acceptance
˜ Term of the agreement
˜ The principal's representation of the
agent to its customers
˜ Commissions
˜ Indemnification
 
 
˜ Auality control
˜ Relationship of the parties
˜ uxcusable delays
˜
ssignment
˜ Third parties
˜ Modifications
˜ No waiver
˜ Governing law
˜ Notices
˜
rbitration agreement
˜
gency termination
 
  
˜
voluntary organization of persons, either
actual individuals or legal entities, legally
bound together to form a business
enterprise.
˜
corporate body is an artificial being,
invisible, intangible and, existing only in
contemplation of the law. In other words, a
corporation is a distinct legal entity,
separate from the individual who owns it.
˜ 
  
˜ imited liability for stockholders (While true for big business, may not be true for
small business)
˜ Continuity
˜ Transfer of shares
˜ uasier to raise capital
˜ Possible to separate business functions into different corporations
˜ Transfer of shares
˜ ° 
  
˜ Gives owner a false sense of security
˜ Heavier taxes
˜ Power limited by charter
˜ ess freedom of activity
˜ egal formalities
˜ uxpensive to start
˜ Increased accounting
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