Business Ownership's by Anura Reid https://padlet.com/02areidi/xoyihcgck1zz en-us 2019-03-11 11:53:25 UTC 2026-01-24 18:52:26 UTC hello@padlet.com sole proprietorship 02areidi https://padlet.com/02areidi/xoyihcgck1zz/wish/339894922 A sole proprietorship, also known as the sole trader, individual entrepreneurship or proprietorship, is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity.

pros:Complete control and flexibility to run the business as you see fit, Unlimited liability means creditors are more likely to extend credit if needed

cons:Personally liable for all business debts, you’re all by yourself,Banks are reluctant to give loans due to higher turnover rates and usually smaller assets

Examples: bookkeeping, landscaping


]]> 2019-03-11 11:57:29 UTC https://padlet.com/02areidi/xoyihcgck1zz/wish/339894922 partnership 02areidi https://padlet.com/02areidi/xoyihcgck1zz/wish/339895142 A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations.

pros: extra set of hands, fewer tax forms 
cons:individual taxes, less independence    

Examples:                     ]]> 2019-03-11 11:57:56 UTC https://padlet.com/02areidi/xoyihcgck1zz/wish/339895142 corporation 02areidi https://padlet.com/02areidi/xoyihcgck1zz/wish/339895327 a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.

pros: shareholders are not liable for any debts incurred, Investors

cons: More paperwork,More taxes to file
examples:]]> 2019-03-11 11:58:23 UTC https://padlet.com/02areidi/xoyihcgck1zz/wish/339895327 Limited Liability Company 02areidi https://padlet.com/02areidi/xoyihcgck1zz/wish/339895509 A limited liability company is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

pros:Protects You From Business Liability, Easy to Form & Maintain

cons: Formation Costs & Annual Fees, Self-Employment & Excise Taxes

Examples: Dollar General, Toys r us]]> 2019-03-11 11:58:57 UTC https://padlet.com/02areidi/xoyihcgck1zz/wish/339895509