Types of Business

Mackenzie Casper & Makayla Craig

Sole Proprietorship

A business owned and managed by a single individual.


Advantages- One person receives profit. Full control of the business. No special business taxes.


Disadvantages- Unlimited personal liability. Limited access to resources.

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Example of Sole Proprietorship in NC

Bentley Realty in Kannapolis, NC.

Partnership

A business owned by two or more people.


Advantages- Easy start-up. Decision making is a shared responsibility. Each partner specializes in one thing for the business.


Disadvantages- Potential conflict. General partners don't have absolute control over their business.

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Example of Partnership in NC

Murphy Business and Financial Corporation in Raliegh, NC.

Corporation

A legal entity owned by individual stockholders.


Advantages- Limited liability for owners. Transferable ownership. More potential for growth.


Disadvantages- Expensive and hard to start up. Double taxes. More legal requirements and regulations.

Example of Corporation in NC

Walmart
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