3 types of businesses
what are the 3 types about?
- 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.
- 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.