https://padlet.com/02vmogavero/xjbj1gsbxc8b Vinny Mogavero en-us 2018-10-01 13:15:46 UTC 2025-12-21 13:23:12 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Manbag.png 02vmogavero https://padlet.com/02vmogavero/xjbj1gsbxc8b/wish/287582371 When a single person is responsible for the business and all of its debts. They also get all of the profits and they own the business, just them
An example of this is someone opening their own ice cream shop
Positive - you get all the money received from business profits
Negative - you don't have the help from any other people because it's SOLE proprietorship, just you]]> 2018-10-01 13:18:54 UTC https://padlet.com/02vmogavero/xjbj1gsbxc8b/wish/287582371 02vmogavero https://padlet.com/02vmogavero/xjbj1gsbxc8b/wish/287584716 2018-10-01 13:22:24 UTC https://padlet.com/02vmogavero/xjbj1gsbxc8b/wish/287584716 02vmogavero https://padlet.com/02vmogavero/xjbj1gsbxc8b/wish/287584890 Partnership is a dual ownership of a business, so an example of this is you and your friend own and operate a business together and manage all the business costs
Positive - you have someone else to help with business costs if you're in financial trouble
Negative - you don't get all the profits from the business, they're split ]]> 2018-10-01 13:22:40 UTC https://padlet.com/02vmogavero/xjbj1gsbxc8b/wish/287584890 02vmogavero https://padlet.com/02vmogavero/xjbj1gsbxc8b/wish/287588258 A corporation is a big entity that has it's own identity and is run by multiple people, not just one single person
You may own the corporation, but it's ran by and kept going by workers and people lower down the line
An example is a big corporation, like McDonalds
Positive - you own the business, people run it and do the work
Negative - all those people need paychecks because nobody works for free so a big portion of profits goes to employee paychecks]]> 2018-10-01 13:27:28 UTC https://padlet.com/02vmogavero/xjbj1gsbxc8b/wish/287588258 02vmogavero https://padlet.com/02vmogavero/xjbj1gsbxc8b/wish/287590614 In this form of business ownership, the business' members aren't personally responsible for the debts that the business has
So basically, members aren't required to take money out of their own pockets to pay business debts
The LLC is responsible for business debts
An example of this form of business is C.E. Rensberger & Family LLC. (the company my mom works for)
Positive - no money coming out of your own pocket
Negative - the business is more likely to be in debt rather than other forms of business ownership]]> 2018-10-01 13:31:00 UTC https://padlet.com/02vmogavero/xjbj1gsbxc8b/wish/287590614 02vmogavero https://padlet.com/02vmogavero/xjbj1gsbxc8b/wish/287602554 2018-10-01 13:47:25 UTC https://padlet.com/02vmogavero/xjbj1gsbxc8b/wish/287602554