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Understanding Business, 6/e
William G. Nickels
James M. McHugh
Susan M. McHugh
Chapter 5: Forms of Business Ownership
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Learning Objectives
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After you have read and studied this chapter, you should be able to:
- Compare the advantages and disadvantages of sole proprietorships.
- Describe the differences between general and limited partners, and compare the advantages and disadvantages of partnerships.
- Compare the advantages and disadvantages of corporations, and summarize the differences between C corporations, S corporations, and limited liability companies.
- Define and give examples of three types of corporate mergers and explain the role of leveraged buyouts and taking a firm private.
- Outline the advantages and disadvantages of franchises and discuss the opportunities for diversity in franchising and the challenges of international franchising.
- Explain the role of cooperatives.
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