Types of businesses

Proprietorship, Partnerships, and Corporations


Only one owner

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.


A business between two or more people that own and operate the business and are bond by articles of partnership.

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.


is and organized business that is regionalized by law with may rights and responsibilities of an individual. Made by a charter and has stockholder. The stockholders vote for a board of directors to speck on their behalf.

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.