Types of Ownership
Katie Peahl
1. Sole Proprietorship
Advantages: Sole proprietorship make final decisions themselves; They receive 100% of the profit
Disadvantages: Responsible for all the debts/losses
More Info
Example
Fact
2. Partnership
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
Disadvantages:
Partners could disagree with each other
Partners have to share the profit
Examples of partnerships
3. Limited Liability Partnership
Definition
Advantages of LLC
Example
4. Corporation
Definition
Examples
Advantages
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 â 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>.