4 Types of Business Ownership
Information & More
-Easy to set up
-Your business doesn't exist as a separate legal entity.
- The personal assets of the sole proprietor and the business assets are one and the same for liability purposes
-Protection is important because claims against the business could result in seizing of a home or other assets.
-Can engage in any form of legal business activity any time and anywhere
-More capital is available for the business.
-Two heads is better than one
-Each partner is liable for their share of the Partnership debts as well as being liable for all the debts
-An Active Partner participates in the day-to-day operations of the business.
Limited Liability Partnership
-Limited liability partnerships are not recognized as legal business structures in every state
-Allows flexibility between partners
-Corporations may be able raise additional funds by selling shares in the corporation.
- Forming a corporation requires more time and money than forming other business structures.
- Governmental agencies monitor corporations, which may result in added paperwork.
-Register relating to trustees for debenture holders
-Dominate the global economy