3 Types of Business

By: Alex Shumaker

Sole Proprietorship

  • A business owned and managed by a single person.
  • NC- Haps in Salisbury
  • A-Easy start-up, Full Control
  • D-Limited access to resources, Full liability

Partnership

  • A business or organization owned by two or more people
  • NC- Weddingtons Greenhouse in China Grove
  • A-Shared Decision Making, Easy start-up
  • D-Potential Conflict, Unlimited Liability

Corporations

  • Legal entity owned by individual
  • NC-Cheerwine
  • A-Long Life, Transferable ownership
  • D-Double Taxes, Expensive