Business Ownership by Emily F https://padlet.com/chefemefer/hfk02e978frhdexx Emily Follis en-us 2021-01-05 14:22:32 UTC 2025-12-16 20:06:08 UTC hello@padlet.com Sole Proprietorship chefemefer https://padlet.com/chefemefer/hfk02e978frhdexx/wish/1055659518 Where something is run by a singular person.
Pros:
  • Control all of the money
  • All business operation calls made by person
Cons:
  • Responsible for 100 percent of all business debts and obligations.
  • Difficult to arrange long-term financing because they have fewer assets.
Ex.
Financial
Catering companies
]]> 2021-01-05 14:28:46 UTC https://padlet.com/chefemefer/hfk02e978frhdexx/wish/1055659518 Partnership chefemefer https://padlet.com/chefemefer/hfk02e978frhdexx/wish/1055673179 Where something is run by two people.
Pros:
  • Extra help
  • Fewer tax forms
Cons:
  • Disagreements
  • Split profits
Ex.
Redbull and GoPro
BMW and Louis Vuitton
]]> 2021-01-05 14:31:27 UTC https://padlet.com/chefemefer/hfk02e978frhdexx/wish/1055673179 Corporation chefemefer https://padlet.com/chefemefer/hfk02e978frhdexx/wish/1061394658 A corporation is a legal thing that is separate from its owners.
Pros:
  • Can attract investors
  • Stock
Cons: 
  • Potential tax liability
  • Time and costs of corporation
Ex.
Amazon
Apple
]]> 2021-01-06 23:16:49 UTC https://padlet.com/chefemefer/hfk02e978frhdexx/wish/1061394658 Limited Liability Company chefemefer https://padlet.com/chefemefer/hfk02e978frhdexx/wish/1061399850 Structure in the United States where the owners are not liable for the company's debts or liabilities.
Pros:
  • Can be taxed as a sole proprietor, partnership or corporation
  • Less paperwork and low filing cost
Cons:
  • Cannot pay self wages
  • High renewal fees
Ex.
Pepsi-Cola
eBay
]]> 2021-01-06 23:21:28 UTC https://padlet.com/chefemefer/hfk02e978frhdexx/wish/1061399850 Franchise chefemefer https://padlet.com/chefemefer/hfk02e978frhdexx/wish/1061400796 type of license that grants a franchisee access to a franchisor's proprietary business, allowing the franchisee to sell a product or service under the franchisor's business name.
Pros:
  • Can make it easy to secure financing
  • Less risky then an independent business
Cons:
  • High start up
  • Business is not entirely under your control
Ex.
KFC
Burger King
]]> 2021-01-06 23:22:28 UTC https://padlet.com/chefemefer/hfk02e978frhdexx/wish/1061400796 chefemefer https://padlet.com/chefemefer/hfk02e978frhdexx/wish/1061651442 2021-01-07 01:50:52 UTC https://padlet.com/chefemefer/hfk02e978frhdexx/wish/1061651442 chefemefer https://padlet.com/chefemefer/hfk02e978frhdexx/wish/1061652268 2021-01-07 01:51:18 UTC https://padlet.com/chefemefer/hfk02e978frhdexx/wish/1061652268