Types of businesses
Proprietorship, Partnerships, and Corporations
Adv. owner gets all the profits to himself. He/she has the pride of owning their own business and they can also make plans and desicons quicker.
Disadv. Legally fully responsible for damages etc. it is hard to make the money need to run the business. It is also hard to find good workers.
Adv. partners pay no corporate income. each person brings their own talent. more efficient operations. Easier to make more to run the business.
Disadv:complex legal structure. each partner is legally responsible for the business.
Adv: easy to raise money to operate the company. Allows the company to grow. better quality workers and ownership is easily transferred.
Disadv: Very expensive to start. Business owners have very little saw as far as management. Subject to more government regulations. Stockholder can suffer double taxation.