Different types of business ownerships by Semule Ceu https://padlet.com/03sceu/kiyvr5cngvkz made with a dash of wit en-us 2018-10-01 15:02:04 UTC 2018-10-01 16:35:47 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Cornershop.png Sole proprietorship 03sceu https://padlet.com/03sceu/kiyvr5cngvkz/wish/287664336 Definition-  A business that legally has no separate existence from its owner. Income and losses are taxed on the individual's personal income tax return.
Pros-
  • As a sole proprietor, you control all of the money made by the business.
  • You make all business operation calls.
Cons- 
  • All the decision-making power rests with one individual.
  • More work.
2 Examples- people who tutor other people are sole proprietors, and financial planners who help other people with their financial needs are also sole proprietors. 



]]> 2018-10-01 15:09:35 UTC https://padlet.com/03sceu/kiyvr5cngvkz/wish/287664336 Partnerships 03sceu https://padlet.com/03sceu/kiyvr5cngvkz/wish/287672317 Definition- A legal form of business operation between two or more individuals who share management and profits.
pros- 
  • Shared cost of start-up.
  • Shared responsibilities and work.
Cons- 
  • Partners in a general partnership are jointly and individually liable for the business activities of the other. If your partner skips town, you'll be liable for all the debts, not just half of them.
  • Shared profits.
2 Examples- Law firms, small law firms usually always partner up.
Architectural Firm- people who have the same ideas may want to start with partnerships so that the start up price isn't a lot.







]]> 2018-10-01 15:20:12 UTC https://padlet.com/03sceu/kiyvr5cngvkz/wish/287672317 Corporation 03sceu https://padlet.com/03sceu/kiyvr5cngvkz/wish/287684462 Definition-A form of business operation that declares the business as a separate, legal entity guided by a group of officers known as the board of directors.
Pros- 
  • Creditors cannot go after shareholders. This also gives shareholders less privacy in return for limited liability. 
    • The ability to issue stock is a selling point when attracting investors.
Cons-
  • Corporations are much harder to form and maintain than other entities. They must also publish annual reports and other data. This allows creditors to assess their creditworthiness.
  • Because a corporation isn't an individual, it cannot receive a court-appointed attorney if it cannot afford one as outlined in the Sixth Amendment.
2 Examples- Google, and Microsoft are corporations.
]]> 2018-10-01 15:37:27 UTC https://padlet.com/03sceu/kiyvr5cngvkz/wish/287684462 Limited Liability Company 03sceu https://padlet.com/03sceu/kiyvr5cngvkz/wish/287717247 Definition- A limited liability company is a corporate structure whereby the members of the company are not personally liable for the company's debts or liabilities.
Pros-
1.  Easy to Create and Administer.
2. Limited Liability
Cons-
1. Additional Tax Forms
2. harder to Raise Money
2 Examples-



]]> 2018-10-01 16:22:56 UTC https://padlet.com/03sceu/kiyvr5cngvkz/wish/287717247