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.

Big image

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

Big image

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

Big image