https://padlet.com/jazmin_cook18/hk8ya2gkvqjc en-us 2018-05-15 16:37:48 UTC 2026-03-24 22:05:09 UTC hello@padlet.com jazmin_cook18 https://padlet.com/jazmin_cook18/hk8ya2gkvqjc/wish/260925736 A sole proprietorship is the simplest and most common structure chosen to start a business. It is an unincorporated business owned and run by one individual with no distinction between the business and you, the owner.

Example: eBay

Advantages: You are entitled to all profits, and you do not have to take any formal action to form a sole proprietorship. Easy and inexpensive to form, you have complete control, and easy tax preparation. 

Disadvantages: You are responsible for all your business’s debts, losses and liabilities. Unlimited personal liability, hard to raise money, and heavy burden.]]> 2018-05-15 16:41:23 UTC https://padlet.com/jazmin_cook18/hk8ya2gkvqjc/wish/260925736 jazmin_cook18 https://padlet.com/jazmin_cook18/hk8ya2gkvqjc/wish/260925885 A business partnership is a specific kind of legal relationship formed by the agreement between two or more individuals to carry on a business as co-owners. (3 different types - general partnership, limited partnership, and limited liability partnership)

Example: Twitter

Advantages: Your business is easy to establish and start-up costs are low, more capital is available for the business, and you’ll have greater borrowing capacity.

Disadvantages: here is a risk of disagreements and friction among partners and management, each partner is an agent of the partnership and is liable for actions by other partners, and if partners join or leave, you will probably have to value all the partnership assets and this can be costly.]]> 2018-05-15 16:41:39 UTC https://padlet.com/jazmin_cook18/hk8ya2gkvqjc/wish/260925885