1. Today’s Schedule – 10/2 PPT: Sole proprietorships Cont. working on Entrepreneur Bios HW – Entrepreneur Bio

2. Sole Proprietorships Business owned and managed by a single individual – Responsible for all profits and debts – 75% of all businesses in America – 6% of all sales in America

3. Advantages Ease of start-up – Obtain business license (authorization from govt.) Possibly a special license (doctor, day care, etc.) – Site permit for location of business Not necessary if operating out of home – Business name

4. Advantages Few Regulations – Health codes – Zoning laws (designated areas for homes/businesses Sole receiver of profit Full Control Easy to stop

5. Disadvantages Liability- obligation to pay debts Limited access to resources – Unwillingness of banks to offer financing Limited lifespan Difficulty finding good employees – Lower wages to attract employees – Fewer benefits