https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8 Created by Jacob Brock en-us 2023-10-04 17:25:33 UTC 2023-10-04 17:44:29 UTC hello@padlet.com https://padlet.net/icons/png/1f481-2640.png jacobbrock0738 https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732506178 Definition
A sole proprietor is an
individual who owns an
unincorporated business on
his or her own.

Advanatges:
1. fewer business fees
2. easy tax preparation

Disadvantages:
1. unlimited liability
2. risks of wrong decisions

Real Example:
Mcdonald’s]]> 2023-10-04 17:29:22 UTC https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732506178 jacobbrock0738 https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732507625 2023-10-04 17:30:16 UTC https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732507625 jacobbrock0738 https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732509332
Definition:
General partnerships are
formed when two or more
people, known as general
partners, enter into an
agreement to do business for
profit.

Advantages:
1. sharing the burden
2. easy to establish

Disadvantages:
1. emotional issues
2. higher taxes

Real Examples:
Red bull & Go pro]]> 2023-10-04 17:31:21 UTC https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732509332 jacobbrock0738 https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732510883 2023-10-04 17:32:19 UTC https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732510883 jacobbrock0738 https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732512616
Definition:
A limited liability company
(LLC) is a type of business
structure that provides
limited liability and
pass-through taxation.

Advantages:
1. flexible management
2. easy to form and maintain

Disadvantages:
1. higher taxes
2. limited life

Real Examples:
Apple & Nike]]> 2023-10-04 17:33:25 UTC https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732512616 jacobbrock0738 https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732512921 2023-10-04 17:33:36 UTC https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732512921 jacobbrock0738 https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732514307
Definition:
An S corp, sometimes known
as a S corporation, is a
business entity that can
transmit its taxable income,
credits, deductions, and
losses straight to its
shareholders under the tax
code.

Advantages:
1. limited liability
2. one year of taxes required

Disadvantages:
1. limited to 100
shareholders
2. only one class stock

Real Example:
XYZ Inc .]]> 2023-10-04 17:34:23 UTC https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732514307 jacobbrock0738 https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732515338 2023-10-04 17:35:01 UTC https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732515338 jacobbrock0738 https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732519347 Definition:
A non-profit organization is
group for purposes other
than generating profit and in 
which no part of the
organization’s income is
distributed to its members,
directors, and officers

Advantages:
1. makes a difference 
2. can receive government
grants

Disadvantages:
1. depends on grants and
donations
2. all profits remain within
the organization

Real Example:
American red
cross]]> 2023-10-04 17:37:34 UTC https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732519347 jacobbrock0738 https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732520459 2023-10-04 17:38:16 UTC https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732520459 jacobbrock0738 https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732521914 2023-10-04 17:39:08 UTC https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732521914 jacobbrock0738 https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732522661 2023-10-04 17:39:35 UTC https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732522661 jacobbrock0738 https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732523265 2023-10-04 17:39:57 UTC https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732523265 jacobbrock0738 https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732525169 2023-10-04 17:41:09 UTC https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732525169 jacobbrock0738 https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732529445 Definition:
an independent legal entity owned by its shareholders

Advantages:
1. Great for equity financing and attractive to investors because of the well-defined ownership, management and tax structure.
2. It can have an unlimited number of owners and multiple classes of stock. 

Disadvantages:
1. Expensive to start
2. The primary drawback of owning a C corp is the tax treatment.]]> 2023-10-04 17:43:45 UTC https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732529445 jacobbrock0738 https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732530430 2023-10-04 17:44:18 UTC https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732530430 jacobbrock0738 https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732530686 2023-10-04 17:44:29 UTC https://padlet.com/jacobbrock0738/ma5192ukfj3npzr8/wish/2732530686