Discussion Question

1. Compare and contrast (pros and cons) of the 3 main forms of legal business ownership. (Sole proprietorships, partnerships, and corporations). That means you will describe each one, and explain the pros/cons or advantages/disadvantages of each trying to differentiate your answers from anyone else’s.
2. If you were going to open up a business, which form of business ownership discussed above would you use and WHY would you choose this form based on the attributes (pros/cons) of that type of ownership (Be specific)?
3. Based on whatever form you chose in question 2 to open your business under, why would YOU be successful running your own business AND what may your weaknesses be running a business? (So what are your personal business ownership strengths and your weaknesses?)