3 Types of Business
Sole Proprietorship is a business that is owned and managed by a single person. An example is the Family house in China Grove. An advantage of this kind of ownership is that he gets all of the profit. A disadvantage of this kind of ownership is kited access to resources.
Partnership is a business ownership owned by two or more people who agree on a specific division of responsibilities and profits. An example of this kind of ownership is blue bay because they have three owners . An advantage would be larger pools of assets. A Disadvantage would be a potential for conflict.
A corporation is legally entity owned by individual stockholder. An example would be, Foodlion, is China Grove. An advantage would be, limited liablity for owners. An disadvantage would be, its very difficult and expensive to start up.