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MGT211 GDB Fall 2019 Solution & Discussion

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Topic to be tested:

  • Basic Forms of Business Organizations

Learning Objectives:

  • To understanding the basic forms of business organizations working in real world

 

GDB Question:

Why there is unlimited liability for the sole proprietorship and limited liability for the joint stock company?

Justify your answer with reasons.

Note: Give brief answer in two bullets points only.

MGT211 GDB Solution Fall 2019

Gdb
Mgt211
Solution:-  
A sole proprietorship business is owned by one individual who assumes personal responsibility for the whole of any debts or obligations incurred through his business affairs. Therefore, a sole proprietor possesses unlimited liability.
The investors are protected from losing all their wealth if the venture failed, and their liabilities was limited to the money they had used to buy a stake in the company


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MGT211 GSB Solution1 Fall 2019

Solution:-
The sole proprietorship is the simplest business form under which one can operate a
business. It simply refers to a person who owns the business and is personally
responsible for its debts. A sole proprietorship can operate under the name of its
owner or it can do business under a fictitious name, such as Ali Saloon.

EXAMPLE: A self-employed author who writes and self-publishes science fiction novels
probably has much less to worry about regarding liability issues than, say, a restaurant
owner.

Therefore, a sole proprietor possesses unlimited liability.

MGT211 GDB Solution Fall 2019

MGT211 GDB 1 Solution Fall 2019

Solution:-  

A sole proprietorship business is owned by one individual who assumes personal responsibility for the whole of any debts or obligations incurred through his business affairs. Therefore, a sole Proprietor possesses unlimited liability. The investors are protected from losing all their wealth if the venture failed, and their liabilities was limited to the money they had used to buy a stake in the company.

Question: Why there is an unlimited liability for the sole proprietorship and limited liability for the joint-stock company?

Sole proprietorship: It is the business owned and runs by a single individual. It has no separate existence from its owner. A sole proprietorship is a simple business and it’s not a legal entity. In this type of business, the owner of the business is responsible for all types of debt and liabilities.

Joint Stock Company: It is the legal form of business owned by multiple owners named “shareholders”. Each shareholder has a certain portion of the company stocks. And shareholders can transfer their shares to other persons. In this type of business, shareholders of the business are only responsible for the company debt only, their personal assets aren’t at risk if there is any loss in the business.

Reasons why unlimited liability for the sole proprietorship and limited liability for the joint-stock company:

  1. No Separation between the business and the owner’s own personal asset. If there iz a loss in business, the owner should fulfill its debt through his own personal belongings. But in a Joint-stock company, if the business faces loss, it can be only lost of the share invested by the shareholder.
  2. The risk factor is higher in sole proprietorship as compared to a joint-stock company. The owner in sole proprietorship not only responsible for all of the risk but to his own asset.
  3. There is no separate identity of the business is a sole proprietorship, so that’s why the owner has unlimited liability as compared to the join stock shareholders.
  4. In a joint-stock company, there iz legal protection for the shareholders which can’t affect the owner’s other personal assets instead of his investment as a shareholder.
  5. Separating the finances of the owners and the business capital, the stock company only responsible for the loss, which creates a safeguard to the shareholder's personal belongings to effect in case of loss.

Note: Give brief answer in two bullets points only.:x

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