Business Ownership by Estefany Escobar https://padlet.com/03eescobar/voxi9zpk2022 By: Estefany Escobar en-us 2018-10-01 15:05:20 UTC 2026-02-01 11:20:52 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Brightnessdown.png Sole Proprietorship 03eescobar https://padlet.com/03eescobar/voxi9zpk2022/wish/287664842 Definition: Consists of a single individual who owns the company and serves as its only employee. A business that legally has no separate existence from its owner. Income and losses are taxed on the individual's personal income tax return.

2 positives: 
  1. You are your own boss and no one can tell you what to do.
  2. A sole proprietorship’s tax rates are the lowest among all business structures.
2 Negatives:
  1. The biggest disadvantage of a sole proprietorship is the absence of personal liability protection
  2. The owner is personally responsible for all business obligations and debts.
]]> 2018-10-01 15:10:17 UTC https://padlet.com/03eescobar/voxi9zpk2022/wish/287664842 Partnership 03eescobar https://padlet.com/03eescobar/voxi9zpk2022/wish/287665182 Definition:
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.


2 Positives:
  1. your business is easy to establish and start-up costs are low
  2. it’s easy to change your legal structure later if circumstances change.
2 Negative:
  1. the liability of the partners for the debts of the business is unlimited
  2. there is a risk of disagreements and friction among partners and management
]]> 2018-10-01 15:10:47 UTC https://padlet.com/03eescobar/voxi9zpk2022/wish/287665182 Corporation 03eescobar https://padlet.com/03eescobar/voxi9zpk2022/wish/287665352 Definition:
Can involve any number of owners but it turns the business into a corporation. A corporation is a legal entity that is separate and distant from its owners.

2 Positives:
  1. A corporation offers shareholders limited liability protection from the businesses debts and actions.
  2. Corporations can raise money for the business through selling stocks. 
2 Negative:
  1. corporation is highly regulated by state, federal and even some local agencies, which means added record keeping and paperwork requirements for this business structure.
  2. Another disadvantage of a corporation is double-taxation





]]> 2018-10-01 15:11:02 UTC https://padlet.com/03eescobar/voxi9zpk2022/wish/287665352 Limited Liability Company 03eescobar https://padlet.com/03eescobar/voxi9zpk2022/wish/287665500 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.

2 Positives:
  1. LLCs don't have to hold annual meetings and not required to keep extensive records.
  2. LLCs can always take advantage of “pass-through” taxation in which the LLC does not pay any LLC taxes or corporate taxes.
2 Negative:
  1. LLC can't issue stock or have business investors who can fund growth.
  2. State law may automatically dissolve an LLC if all members die.
]]> 2018-10-01 15:11:14 UTC https://padlet.com/03eescobar/voxi9zpk2022/wish/287665500 03eescobar https://padlet.com/03eescobar/voxi9zpk2022/wish/287715974 2018-10-01 16:21:11 UTC https://padlet.com/03eescobar/voxi9zpk2022/wish/287715974 03eescobar https://padlet.com/03eescobar/voxi9zpk2022/wish/287717926 2018-10-01 16:23:51 UTC https://padlet.com/03eescobar/voxi9zpk2022/wish/287717926 03eescobar https://padlet.com/03eescobar/voxi9zpk2022/wish/287718670 2018-10-01 16:24:54 UTC https://padlet.com/03eescobar/voxi9zpk2022/wish/287718670 03eescobar https://padlet.com/03eescobar/voxi9zpk2022/wish/287719406 2018-10-01 16:26:13 UTC https://padlet.com/03eescobar/voxi9zpk2022/wish/287719406