3 types of business
by Jesse Wetherbee
sole proprietorship
a business owned and managed by 1 individual.
ex: Porky's bbq
adv. easy start up, the sole receiver of profit
disadv. unlimited personal liability, bound to all of the businesses debts.
Partnerships
a business owned by one or more persons who agree on a specific division of responsibilities and profits
ex. wild turkey
advantages: easy start up shared decision making
disadvantages: don't have absolute control over the business, potential for conflict
corporation
a legal entity owned by a stockholder
ex: cheerwine
advantages: limited liability, potential for growth
disadvantages: difficult to start up, more legal requirements and regulation