business ownership by Tajah Smith https://padlet.com/01tsmith/35hei7gvuty4 Made with a wish on a star en-us 2019-03-11 17:51:43 UTC 2025-12-24 03:28:02 UTC hello@padlet.com solo proprietorship Definition 01tsmith https://padlet.com/01tsmith/35hei7gvuty4/wish/340094091 -owns and runs the  business by themselves 
POSITIVE
-Creative direction 
-Financial rewards 
NEGATIVE
-Liability

EXAMPLES
- local shops
-home based business ]]> 2019-03-11 17:53:16 UTC https://padlet.com/01tsmith/35hei7gvuty4/wish/340094091 partnership -a duo 01tsmith https://padlet.com/01tsmith/35hei7gvuty4/wish/340100020 POSITIVE
  • you’ll have greater borrowing capacity
  • there is opportunity for income splitting, an advantage of particular importance due to resultant tax savings
NEGATIVE 

  • each partner is ‘jointly and severally’ liable for the partnership’s debts; that is, each partner is liable for their share of the partnership debts as well as being liable for all the debts
  • if partners join or leave, you will probably have to value all the partnership assets and this can be costly
  • EXAMPLES
-Ben and Jerry 
 -gro pro & red bull
]]> 2019-03-11 18:04:18 UTC https://padlet.com/01tsmith/35hei7gvuty4/wish/340100020 corporation - big company owned by share holders POSITIVE -Limited liability. The shareholders of a corporation are only liable up to the amount of their investments. The corporate entity shields them from any further liability, so their personal assets are protected. - Ownership transfers. It is not especially difficult for a shareholder to sell shares in a corporation, though this is more difficult when the entity is privately-held. NEGATIVE -Double taxation. Depending on the type of corporation, it may pay taxes on its income, after which shareholders pay taxes on any dividends received, so income can be taxed twice. -excessive tax filings. Depending on the kind of corporation, the various types of income and other taxes that must be paid can require a substantial amount of paperwork. The exception to this scenario is the S corporation, as noted earlier. 01tsmith https://padlet.com/01tsmith/35hei7gvuty4/wish/340101438 EXAMPLES 
-711
-Adidas ]]> 2019-03-11 18:06:55 UTC https://padlet.com/01tsmith/35hei7gvuty4/wish/340101438 Limited Liability Company 01tsmith https://padlet.com/01tsmith/35hei7gvuty4/wish/340102719 -Members can be individuals or other businesses, and there is no limit to the number of members an LLC can have.

          POSITIVE
-Pass through federal taxation on profits 
-easy startup and upkeep 
          Negative 
-Limited Liability has limits
- Self-employment tax
 
Examples 


]]> 2019-03-11 18:09:09 UTC https://padlet.com/01tsmith/35hei7gvuty4/wish/340102719