“Time is the friend of the wonderful business, the enemy of the mediocre.” — Warren Buffett, business magnate, investor
Special Types of Ownership
A Sole Proprietorship is owned by only one person. It is managed by mostly the owner himself unless he appointed a manager. This type of ownership is very common as well because it is the easiest to start and maintain. But this type of ownership can be problematic because the owner can be overwhelmed if the business becomes successful. Examples would be a Hair Salon or even a small restaurant.
Types of Partnerships in Businesses
A Dormant Partner
A General Partner
A General partner is active and is known to the public as a partner and this type of partner is the most common in the types of partnerships there are. But this type of partner has unlimited liability which could cost the other partner money and further more damage the business.