types of business organisations
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- Sole Proprietorship
- As the owner of a sole proprietorship, I work alone. I do not have to share my Profits or have to file a lot of paperwork. The government sees me and the company as one.
- It is very simple to start and operate, but I have to come up with all the funding myself and as the law sees me and my company as one entity I am liable for all damages and losses.
- A lot of photographers, Writers and Housekeepers have a sole proprietorship
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- Partnerships
- We are in a partnership. That means that we share the responsibilities, liabilities and profits of our company.
- A lot of law firms, accounting groups and real estate investors are Partnerships.
- This means that we have less of a financial burden than sole proprietorships, while the company is still not it's own legal identity, which means less paperwork and a simpler organization.
- But, as it is not a legal entity we are still individually taxed. We are liable for any losses or damages and disagreements are fatal to a Partnership.
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- Corporation
- We are part of a Corporation. A corporation is a separate legal entity from it's owners, as such it pays taxes and can enter legal contracts.
- Most big companies you know such as Amazon, Apple and Microsoft are Corporations.
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- As a legal Identity of it's own, corporation have their own Tax report and can enter into legal Contracts. It is a lot easier for a Corporation to raise funds and expand.
- Although this seems perfect, there are some drawbacks: They are difficult to start and require a lot of funds to operate, the paperwork that has to be filed is extensive and there is a possibility of double Taxation.
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