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A sole proprietorship is owned and operated by a single individual, who is also the proprietor.

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Business ownership where two or more individuals share in the ownership, management, and potential profits (or losses) of a business.

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A corporation's ownership is typically held by shareholders, who own shares of the corporation's stock, and the percentage of shares they own determines their ownership stake.

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Pros:

1. Simplicity: Easy to set up and mange with minimal regulatory requirements.

2. Full Control: The owner has complete decision making authority.

3. Tax benefits: Income is taxed once as personal income, avoiding double taxation.

Cons:

1. Unlimited liability: The owner is personally responsible for all debts and liabilities.

2. Limited resources:Raising capital can be challenging since it relies on personal funds or loans

3. Sustainability Issues: The business may struggle to survive if the owner becomes incapacitated or decided to leave.

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The legal requirements for a sole proprietorship usually include getting a business license, registering a DBA if needed, obtaining a tax ID number (EIN), checking zoning permits, and possibly a sales tax permit.

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One suitable business example of a sole proprietorship is a freelance graphic designer. They can operate independently, manage their own clients, and keep all profits.

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Pros:

1. Shared Responsibility: Partners can share the workload and responsibilities.

2. Combined Skills: Different expertise and skills can enhance business operations.

3. Easier Capital Access: More partners can mean more resources for funding.

Cons:

1. Shared Liability: Partners are jointly responsible for debts and obligations.

2. Potential Conflicts: Differences in opinions can lead to disputes.

3. Profit Sharing: Profits must be shared among partners, reducing individual earnings.

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The legal requirements for a partnership usually include having a partnership agreement, obtaining a business license, getting a tax ID number (EIN), checking zoning permits, and possibly registering a DBA .

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One suitable business example of a partnership is a law firm, where multiple attorneys come together to share resources, expertise, and profits while managing the firm's operations collectively.

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Pros:

1. Limited Liability: Shareholders are typically not personally liable for debts and liabilities.

2. Easier Capital Raising: Corporations can sell stock to raise funds.

3. Perpetual Existence: The corporation can continue to exist even if ownership changes.

Cons:

1. Complexity: Corporations require more regulations, paperwork, and formalities.

2. Double Taxation: Corporate profits may be taxed at both the corporate and individual levels.

3. Costly to Establish: Setting up a corporation can be more expensive than other business forms.

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The legal requirements for a corporation usually include filing Articles of Incorporation, creating bylaws, obtaining a business license, getting a tax ID number (EIN), drafting shareholder agreements, and filing annual reports.

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One example of a suitable business for a corporation is a technology company, like Apple or Microsoft, which can benefit from limited liability, the ability to raise capital through stock sales, and having a structured management system.