Types Of Business
Samantha Ely, Amanda Gaskins
Example of a business that is Sole Proprietorship in North Carolina is Paterson's Farm.
Two advantages of being a Sole Proprietorship business would be Easy start- up, and sole receiver of profit.
Two disadvantages would be unlimited person liability, and limited access to resources
An example of a Partnership business in North Carolina would be Chain Grove Family House Restaurant.
Two advantages of a partnership would be Sharing decisions making, and Larger pool of assets- it is helpful when you need to borrow money
Two disadvantages of being in a Partnership would be each general partner is bound to debt incurred and responsible for paying this debt, and General partners do not have absolute control over their business
And example of a Corporation in North Carolina is Foodlion.
Two advantages is limited liability for owners, and Transferable ownership- owners can sell stock and get money in return
Two disadvantages is expensive and difficult to start up and, Double taxes