3 Types Of Business
By:Sabrina Trump
Sole Proprietorship
A business owned and managed by a single individual.
Example: INC.
Advantages: Easy start-up, and you have full control of the business.
Disadvantages: Limited access to resources, and unlimited personal liability.
Partnership
An organization owned by two or more people who agree to split everything.
Example:Austin Management
Advantages: Easy start-up, and shared decision making.
Disadvantages: Potential for conflict, and no absolute control.
Corporations
A place owned by individual stockholders.
Example: Walmart
Advantages: Money in return, and transferable ownership.
Disadvantages: Expensive to start up, and double taxes.