Types Of Businesses

Kayla & Taylor

Corporation // Food Lion LLC.

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Partnership

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Sole Proprietorship

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Advantages//Disadvantages

Coporation;

A- Limited liability for owners

A- Long life

D- Double taxes

D- Dividends are also taxed


Partnerships;

A- Easy start-up

A- Not subjected to special taxes

D- Unlimited liability

D- General partners do not have absolute control over their business


Sole Proprietorship;

A- Sole receiver of all profit

A- Easy to discontinue

D- Limited access to resources

D- Legally bound obligation to pay debts