Types of Ownership

Katie Peahl

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1. Sole Proprietorship

A sole proprietorship is a business that is owned and run by one individual.

Advantages: Sole proprietorship make final decisions themselves; They receive 100% of the profit

Disadvantages: Responsible for all the debts/losses

2. Partnership

A partnership is a business with two or more owners who share the responsibility and the profit.

2 types of partnerships: Limited partnership and general partnership


Easier to run/manage because because its less strictly regulated

Partners share responsibility and make decisions together


Partners could disagree with each other

Partners have to share the profit

Examples of partnerships

3. Limited Liability Partnership

What does it mean to have a limited liability partnership, or LLP?

4. Corporation

Watch the video below to understand the 2 different types of corporations.
What is a Corporation?


"What Is a Corporation?" YouTube. YouTube, 21 Mar. 2011. Web. 19 Sept. 2014. <http://www.youtube.com/watch?v=wlyu3NU7rrY>.

"What Does It Mean to Have a Limited Liability Partnership, or LLP?"YouTube. YouTube, 9 Jan. 2013. Web. 19 Sept. 2014. <http://www.youtube.com/watch?v=yCIoaNZETPY>.

"General vs. Limited Partnerships." All Business. Dun & Bradstreet, n.d. Web. 19 Sept. 2014. <http://www.allbusiness.com/business-planning-structures/business/1303-1.html>.

"Advantages and Disadvantages of Partnership." Company Formation Guidance and News. N.p., n.d. Web. 19 Sept. 2014. <http://blog.thecompanywarehouse.co.uk/2010/03/01/advantages-and-disadvantages-of-partnership/>.

"Business.tas.gov.au." Sole Proprietorship – Advantages and Disadvantages. N.p., n.d. Web. 19 Sept. 2014. <http://www.business.tas.gov.au/starting-a-business/starting-a-business-from-scratch/choosing-a-business-structure-intro/sole-proprietorship-advantages-and-disadvantages>.