Comparing Types Of Business Ownership

A partnership is an arrangement between two or more groups, organizations or individuals who work together to achieve common aims or who have common interests.

Sole Proprietorship: This is a type of business is where the business and the owner are one in

Sole Proprietorship: A type of business that is owned by and run by one person with no legal difference between the business and the owner. It is easy to form with no cost or time to initiate. It gives the owner the ability to self-govern the business. There are drawbacks; only one owner can be established not allowing a partner. Also, unlimited liability puts the owner’s personal assets in jeopardy with the creditors.

Sole Proprietorship: The word proprietorship can sound intimidating. It is important to remember that most things are simplified with knowledge. If your business is a sole proprietorship then you as an individual are the owner and operator of that business. This means the sole proprietor handles everything from setting up

Sole proprietorship is a business organization operated by one owner. For example, you start a landscaping business by yourself.

sole trader- is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and

Sole proprietorships are a business that is owned and managed by a single individual. This is a simple extension of the owner.

A Sole Proprietorship is one owner. The advantages of a sole proprietorship exist in the simplicity of taxes, cost efficiency in the startup process, and complete control of the organization. A sole proprietorship structure is the simplest method of establishing a business, the expenses are low and fewer licensing is required. A sole proprietor is responsible for the final decisions and directions of the business. The taxes are reported through the individual at a much lower rate than any of the other structures. The disadvantages of a sole proprietorship are the personal liability risks and capital; the individual absorbs all legal implications within the

Sole Proprietorship is a business owned by one person, as distinguished from a partnership or

Sole trader-it’s a business that is owned by only one person and it can have one or more employees. This type of business organization often succeeds because the owner has total control of businees, the owner keeps all profit and it’s cheap to start-up,but also it can be difficult to raise financial,it may be difficult to specialise or enjoy economies of scale and can also have problems with continuity if sole trader retires or dies.

Corporations are the biggest business organization forms in the United States. A Corporation is a “fictitious legal entity that is created according to statutory requirements”. Corporations generate more that 85 percent of the country’s gross business receipt and can range in size from one to hundreds of owners (478, Cheeseman). Shareholders are owners of their corporation and have a say in the business matters. There are three types of corporations. A domestic corporation is a corporation that is in the state in which it is incorporated. When a corporation is in another state or jurisdiction outside of where it was incorporated it is a foreign corporation. An alien corporation is when the corporation was incorporated in another country.

A partnership is a business organization where the partners own the business together and are

Sole Proprietorship is the most basic and simple form of business and it does not require to be formally organized with the state. Under this kind of entity, the owner directly assumes the

Corporations are a different type of business. They are more complex to start because more paperwork is involved and the corporation generally has to be registered at the state level. An ordinary corporation is formed through the articles of incorporation. These corporations are legal entities, and therefore bear legal responsibility. The shareholders of the corporation do not bear legal liability. In addition, corporate income is taxed differently it does not flow through to the owner's personal income tax statements. The

Opening a business might seem like a difficult task to achieve. With many different forms, how is one to decide which is the best? People cannot start any type of businesses without know the five basic forms of businesses in the world. Whether it is to be your own boss, or to partner up with another person. It is an essential to know all the facts about each type before opening up a business. It is critical knowing what each form of business is, the startups, disadvantages, and advantages before deciding which direction to go into.