Business Ownerships by Eden Oladimeji https://padlet.com/02eoladimeji/6ppuim2zfz30 en-us 2018-10-01 17:09:05 UTC 2018-10-02 17:13:51 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Manbag.png Sole Proprietorship 02eoladimeji https://padlet.com/02eoladimeji/6ppuim2zfz30/wish/287752420 A type of business that's owned by run by one person. An example of this is a landscaper, they often work alone or might hire someone to work for him. Some house cleaning businesses are formed by one person, then they also start hiring people, just like the landscapers. ]]> 2018-10-01 17:17:01 UTC https://padlet.com/02eoladimeji/6ppuim2zfz30/wish/287752420 Partnership 02eoladimeji https://padlet.com/02eoladimeji/6ppuim2zfz30/wish/287756344 When two people or more own a business and share profits and management. 
An example of this is would be Warner Brothers. They were founded by Sam, Jack, Harry and Albert Warner. Another example is Ben and Jerry's. This famous ice cream brand was founded by Ben Cohen and Jerry Greenfield. ]]> 2018-10-01 17:22:58 UTC https://padlet.com/02eoladimeji/6ppuim2zfz30/wish/287756344 Corporation 02eoladimeji https://padlet.com/02eoladimeji/6ppuim2zfz30/wish/287769071 A group of people that run the business. A corporation is owned by shareholders, and their ownership is represented by shares of stock. Like Amazon or Disney.]]> 2018-10-01 17:41:04 UTC https://padlet.com/02eoladimeji/6ppuim2zfz30/wish/287769071 Limited Liability Company 02eoladimeji https://padlet.com/02eoladimeji/6ppuim2zfz30/wish/287777180 This is a corporate structure whereby the members of the company are not personally liable for the company's debts or liabilities. I can be owned by one or more people.  If a customer was injured by your product Limited liability can prevent lawsuits on your things. Some examples are toys R us and and Dollar general. ]]> 2018-10-01 17:52:54 UTC https://padlet.com/02eoladimeji/6ppuim2zfz30/wish/287777180 Pros and Cons (LLC) 02eoladimeji https://padlet.com/02eoladimeji/6ppuim2zfz30/wish/287782989 Pro:
1. Its easy to form and maintain
2. It protects you from business liability
Cons:
1. There are more tax forms to deal with 
2. Formation costs and annual fees.]]> 2018-10-01 18:01:46 UTC https://padlet.com/02eoladimeji/6ppuim2zfz30/wish/287782989 Pros and cons (Partnership) 02eoladimeji https://padlet.com/02eoladimeji/6ppuim2zfz30/wish/287789018 Pros:
1. You don't have to be the only person taking care of taxes.
2. You can both bounce ideas off of each other.
Cons:
1. It's like a group project, if one person slacks the whole group goes down. 
2. Each partner is liable for their share of the partnership debts. ]]> 2018-10-01 18:10:39 UTC https://padlet.com/02eoladimeji/6ppuim2zfz30/wish/287789018 Pros and Cons (Corporation) 02eoladimeji https://padlet.com/02eoladimeji/6ppuim2zfz30/wish/287920521 Pros:
1. Employee stock benefits
2. A defined power structure
Cons:
1. You have to file both income taxes and business taxes.
2. No protection from self incrimination. ]]> 2018-10-02 02:19:22 UTC https://padlet.com/02eoladimeji/6ppuim2zfz30/wish/287920521 Pros and Cons (Sole Proprietorship) 02eoladimeji https://padlet.com/02eoladimeji/6ppuim2zfz30/wish/287923807 Pros:
1. You get to be your own boss.
2. There's less government control
Cons:
1. It could be difficult to get financing
2. You don't know if your business is going to succeed or not.]]> 2018-10-02 02:44:01 UTC https://padlet.com/02eoladimeji/6ppuim2zfz30/wish/287923807