3 types of businesses

what are the 3 types about?

sole proprietorship

  • this type of business is unincorporated.
  • makes up 70% of all businesses.
  • it is also know as the simplest form of operation.
  • it is owned by one person only and they make the choices for the business and earn. the profits for the business.
  • if something bad happens to your company, you can lose your car, home, ect.
  • you wont have security or workers compensation and unemployment insurance.
  • this business can end with death, disabilty, or retirment of the owner.

partnership

  • an unincorporated buisness.
  • make up 10% of all u.s business.
  • common in professions such as lawyers and accountants , ect.
  • it is a relationship between two people carrying on business.
  • this organization is usually more complex than sole propietorship.
  • one of the primary disadvantage is unlimited personal liability for each partern for all debts.
  • every partner is liable for their debts.

here are some pictures down below!!!!!!!!!!!!

Corporation

  • Corporation make up 20% of all U.S. Businesses.
  • Also called a "company".
  • A legal entity that has its own legal personality which is distinct from its owners.
  • A corporation is a separate entity.
  • Control of the corporation depends on who has a majority of the voting shares.

that was the 3 types of businesses