What are the advantages and disadvantages of a corporation

ADVANTAGES OF A CORPORATION.

They are as follows:

1) There is continuity

2) Legal entity

3) Provision of employment opportunities

4) Enjoyment of large scale production

5) Generation of revenue

DISADVANTAGES OF A CORPORATION

They include the following:

1) Requires large capital

2) Danger of monopoly

3) Not profitable

4) Lack of privacy

5) Bureaucratic tendencies and red Tapism

6) Inefficiency in operation

Explanation:

Advantages

1. Corporations can last for a long period that is there is perpetual existence as the death of a member will not lead to an end of the corporation

2. A corporation is a legal entity; it can sue and be sued on its own

3. A corporation provides employment opportunities for the teeming number of the unemployed

4. As a result of the availability of large capital for expansion, production can be enhanced and increased

5. Revenue is generated from corporations to finance other projects example water rate or electricity bill

Disadvantages

1. The cost of establishing a corporation is very Hugh that is large capital is involved

2. Corporations are monopolistic in nature hence it can a abuse the privilege

3. Most corporations are run at a loss because they are too large and complex to manage

4. Since the annual report must be presented to the public such corporations have no privacy of their own

5) Decision making may be slow because it has to pass through many people or channels before approval

6)Lack of competition can bring about inefficiency in business operation.

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