After studying this chapter, students should be able to:

1. Describe the advantages and disadvantages of sole proprietorships.
   
   
2. Explain the different types of partners and the importance of partnership agreements.
   
   
3. Describe the advantages and disadvantages of partnerships.
   
   
4. Summarize how a corporation is formed.
   
   
5. Describe the advantages and disadvantages of a corporation.
   
   
6. Discuss the purpose of an Scorporation, limited-liability company, and other special forms of business ownership.
   
   
7. Explain how growth from within and growth through mergers can enable a business to expand.