C.12

Summarize advantages and disadvantages of the basic forms of business ownership (i.e., sole proprietorship, partnership, and corporation) and identify variations of basic forms of business ownership (i.e., franchise, limited partnership, cooperative, limited liability company, and corporation). Determine which ownership structure is employed by a selected local or regional hospitality or tourism business and hypothesize why the structurewas selected. Review copies of available partnership agreements, articles of incorporation or franchise contracts, noting characteristics important for successful operation of a given business.