Types of Business
Mackenzie Casper & Makayla Craig
Advantages- One person receives profit. Full control of the business. No special business taxes.
Disadvantages- Unlimited personal liability. Limited access to resources.
Example of Sole Proprietorship in NC
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.
Example of Partnership in NC
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.