Types of Business:
By: Rachel & Anthony.
Sole Proprietorship:
- Sole Proprietorship is a type of business that is owned and ran by one person.
- Advantages: Easy to start-up, and only one who receives all of the profits.
- Disadvantages: Unlimited personal liability, and any problem is on the owner.
- Example: Attorney, Cecil L. Whitley.
Partnership:
- Partnership is a single business where two or more people share ownership. Each partner contributes to all the aspects of the business.
- Advantages: Shared decision making, and have a larger pool of assets.
- Disadvantages: Unlimited liability, and any problem both of the partners are responsible.
- Example: T-Ville Dinner.
Corporations:
- Corporations is an independent legal business owned by share holders.
- Advantages: Limited liability for owners, and owners can sell stock and get money in return.
- Disadvantages: Expensive, and can have potential loss of control of the business.
- Example: Food Lion.