After you have read and studied this chapter, you should be able to

1. Compare the advantages and disadvantages of sole proprietorships.
2. Describe the differences between general and limited partners, and compare the advantages and disadvantages of partnerships.
3. Compare the advantages and disadvantages of corporations.
4. Define what a merger is and give examples of three types of corporate mergers.
5. Outline the advantages and disadvantages of franchises, and discuss the challenges of international franchising.
6. Explain the role of co-operatives.