Description of business ownership should incorporate sole proprietorship, partnership, and corporation and should include the basic operational organization, necessary license or charter, and advantages and disadvantages for each.
Process/Skill Questions:
- What are the advantages and disadvantages of various types of businesses?
- What are general and limited partners, and what are their roles in a partnership?
- What documentation is required to set up a corporation?
- What are advantages and disadvantages of owning your business vs. working for someone else?
- What types of risks do entrepreneurs face?