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.