Proprietors, Partners, Corporations
Know the Difference
Businesses
Proprietorships
Business owned and operated by a single person.
Advantages: Owner has full pride in owning the business and receiving all the profits.
Disadvantages: Unlimited Liability
Partnerships
General Partnerships: All partners are responsible for the management and financial obligations of the business.
Limited Partnership: At least one partner is not active in the daily running of the business, but he or she may have contributed funds.
Advantages: Share ownership, raise more money, owners bring special talent, larger size, partners pay no corporate income tax.
Disadvantages: Unlimited liability.
Corporations
Organized business recognized by law. Has a charter, stockowners, and a Board of Directors.
Advantages: Easy raising financial capital, can be huge.
Disadvantages: Expensive and complex, business owners have very little say, more regulation by government.
Augusta Shaver
Email: email@email.com
Website: website.com
Phone: 555-555-5555
Facebook: facebook.com/facebook.com
Twitter: @augustashaver