3 Types of Business
Pedro M.
Sole Proprietorship
This type of business is run by one single person, and there is not a legal distinction between a owner and the business.
(advantages-Controls everything, Own all profit).(disadvantages- If you die your business can get lost, You have to pay everything if your business fails).
One example of this Business is landscaping business.
Partnership
A business owned and operated by two or more people.
(Advantages- Easy start up, Easy in making decision)
(Disadvantages- Unlimited liability, less profit for one person).
Walmart and fast food restaurants.
Corporation
A legal entity that is separate and distinct from its owners.
(Advantages- Owner can sell stocks and get profits from it, More chances to growth the business).
(Disadvantages- Difficult start up, paying taxes on income).
Cheerwine.