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.

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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.

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Corporations

A place owned by individual stockholders.


Example: Walmart


Advantages: Money in return, and transferable ownership.

Disadvantages: Expensive to start up, and double taxes.

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