that inhibit a company’s ability to accomplish its mission, goals and objectives.Identifying the strengths and weaknesses of a business helps the owner to understand his/her business (as it will exist or not.) Therefore, the entrepreneur’s attention should be focused on assessing the company’s strengths and weaknesses. Building a successful competitive strategy requires a business to expand its strengths to conquer and balance for the weaknesses. Entrepreneurs must pay close attention to their external environment to identify any opportunities and threats that might have a significant impact on the business. Opportunities and threats are the most crucial for the entrepreneurs to monitor, due to the fact that these factors will affect the behavior of the markets in which the business operates, the behavior of competitors, and most importantly the behavior of customers.FORMS OF OWNERSHIP AND FRANCHISINGUnlimited Personal LiabilityA situation in which the sole proprietor is personally liable for all of the business’s debts.Creditor can force the proprietor to liquidate his personal assets to cover the debts.Partnership AgreementA document that states in writing all of the terms of operating the partnership for the protection of each partner involved.UPACodifies the body law dealing with partnerships in the United States.General PartnersPartners who share in owning, operating, and managing a business and who have unlimited liability for the partnership’s debts.Limited PartnersPartners who do not take an active role in managing the business and whose liability for the partnership’s debt is limited to the amount they have invested.Limited partnershipA partnership composed of at least one general partner and at least one limited partner.Master Limited PartnershipA partnership whose shares are traded on the stock exchanges, just like corporation’s.CorporationA separate legal entity apart from its o...
