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One business owner and operator

POSITIVE

Keep all profits - You don't have to split profits with partners or employee.

Easy to set up - Some sole proprietorship businesses don't even require licenses or degrees to create.

NEGATIVE

Legal liabilities - All legal issues and financial issues are held in full by the one owner.

Difficult to raise capital - It's difficult to make money as a sole proprietor because you can't work as much as multiple employees can.

EXAMPLES

At home nail technician

At home Barber

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Two or more partners that operate and own the business

POSITIVE

More resources - When you collaborate with another person, you gain more outlets to resources, giving you more opportunities.

Shared Control - When working with partners, it makes it less stressful and gives you more relief as you have a partner/s to rely on.

NEGATIVE

Unlimited liability - When you work with partners, you can be liable for their part in the business.

Responsible for partners - If your partner/s make a mistake, it affects you as well because you all have ownership of the business.

EXAMPLES

Accounting firms

Law firms

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Legal entity that exists independently of its owners

POSITIVE

Easy to transfer ownership - It's easy to sell the ownership of the corporation to another person.

Easy to raise capital - It's a big corporation with lots of employee and manufacturers, making the selling of products or services quick.

NEGATIVE

Harder to set up - Corporations are more complex to set up because there are regulations, employees, levels to leadership, and manufacturers that work with the corporation.

Higher taxes - Corporations have more regulations due to their size and difference in the way they work, so they have more taxes to pay forward.

EXAMPLES

Walmart

FedEx

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A business where an operator has a license to sell products of the brand name

POSITIVE

Brand recognition - Franchises are well known and popular, bringing in lots of attention and revenue.

Comprehensive training - Franchises have set standards for employees that require certain aspects. This makes employees accountable and efficient.

NEGATIVE

High costs - Franchises are established businesses that require lots of exact products and employees.

Limited autonomy - Franchises have limited room to make up their own rules. Franchises have set regulations and rules employees and managers must follow.

EXAMPLES

McDonald

Burger King