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

Advantages:

Easier to run/manage because because its less strictly regulated

Partners share responsibility and make decisions together

Disadvantages:

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?

Citations

"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>.