Please read ECON Chapter 3, Section 3-2b. Compare and contrast Sole Proprietorsh

Question

Please read ECON Chapter 3, Section 3-2b. Compare and contrast Sole Proprietorships, Partnerships and Corporations by describing differences in the following areas. a. Ownership b. Financial Disadvantages c. Position in the US Economy

2. Please read ECON Chapter 3, Section 3-3a. In your own words, please list and briefly describe each of the seven roles of government and provide one specific example not listed in the textbook of the United States Federal Government acting in that role.

3. Please read ECON CH 3, Section 3.3e. Compare and contrast the following and offering your opinion on which one of each pair of tax strategies is the most appropriate. a. The “ability to pay” or the “benefits received” taxation principles b. “Progressive” taxes or “regressive” taxes

Explanation / Answer

Proprietorship is the form of ownership where a single owner will own the company and entire decisions and everything will be on his sole discretion

Partnership usually has more than 1 person and each ones hold particular amount of stake in the firm

Corporations usually have lot of structure with many people and board of people will decide companies future and opeartions.

Ownership is absolute in properietorship firms while it is not so absolute in partnership firms where there are number of partners and in corporations there are set of guidelines to follow and lot of complexity involved.

The ability to pay and progressive tax regimes are very important and appropriate regressive tax usually hampers companies abilities, you can clearly see that in countries with socialistic form of taxes growth is super slow.

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