Types of businesses
Sole Proprietorship, Partnerships, Corporations
Azure Windfield
Business Organizations
Sole Proprietorship: A business owned and managed by a single person.
Partnerships: A business owned by two or more people.
Corporations: A legal entity owned by an individual stockholder.
Sole Proprietorship
Advantages:
- Sole receiver of profit
- Full control of business
- Limited access to resources
- Unlimited personal liability
Partnerships
Advantages:
- Shared decision making
- Not subject to special business
- Unlimited liability
- Potential for conflict
Corporation
Advantages:
- Get money in return
- Transferable ownership
- Expensive and difficult to start up
- Corporations pay taxes on income
Sole Proprietorships in NC
Judy Piercy
Broker/Retalor
Partnerships in NC
Department of the Secretary of State
Corporations in NC
Lowe's
Home Improvement Warehouse