Pros/Cons of Forms of Ownership by https://padlet.com/madison_jenkins19/a47e9pc2mcjw Made with a taste for adventure en-us 2017-04-24 17:12:47 UTC 2017-04-28 17:17:20 UTC hello@padlet.com Proprietorship madison_jenkins19 https://padlet.com/madison_jenkins19/a47e9pc2mcjw/wish/168185640 A business ran and owned by just one person. 3 Pros:  Very few legal requirements, get all the profits, easy to start.
3 Cons: Responsible for all debts, limited to life as an owner, responsible for all employees. Liabilities= Any debts the business has. Over 70% of all businesses are sole proprietorships. 
3 examples: Landscaper, Home Health Care, Tutors. 
Start up costs are about 2,000-3,000. ]]> 2017-04-25 17:41:11 UTC https://padlet.com/madison_jenkins19/a47e9pc2mcjw/wish/168185640 Partnership madison_jenkins19 https://padlet.com/madison_jenkins19/a47e9pc2mcjw/wish/168186725 A business opened by two people.
Pros: two+ owners, more capital available, don't have to pay income tax.
Cons: unlimited liability difficult to transfer ownership,  both liable for debts. 
Liabilities= Liable for all debts of the business.
About 8% of all businesses are partnerships.
3 Examples: McDonald's, Warners Brothers, Apple
Start up costs are about $5,000.]]> 2017-04-25 17:43:57 UTC https://padlet.com/madison_jenkins19/a47e9pc2mcjw/wish/168186725 Corporation madison_jenkins19 https://padlet.com/madison_jenkins19/a47e9pc2mcjw/wish/168187116 Separate legal entity formed by documents filed with a state.
Pros=Raise more money, stockholders have limited liability, protection of personal assets.
Cons= Double taxation, start-up costs are higher, harder to maintain.   
Liabilities= acts and omissions of the people employed.
Corporations make up 5% of all businesses. 
3 examples: Bank of America, Capital One, Kroger
Start up costs between 1,000-4,000.]]> 2017-04-25 17:45:03 UTC https://padlet.com/madison_jenkins19/a47e9pc2mcjw/wish/168187116