Business Types
Storyboard Text
- Minimal paperwork and low set-up costs are two major Advantage of having a sole proprietorship
- Sole proprietorship
- Disadvantages of sole trading is you have unlimited liability for debts as there's no legal distinction between private and business assets.
- Disadvantages of a Partnership is In addition to sharing profits and assets, a partnership also entails sharing any business losses, as well as responsibility for any debts, even if they are incurred by the other partner.
- The partners in a partnership may be individuals, businesses, interest-based organizations, schools, .
- A partnership is the relationship between two or more people to do trade or business.
- Advantages of a partnership is two heads or more are better than one.
- Disadvantages of a corporation include it being time-consuming and subject to double taxation, as well as having rigid formalities and protocols to follow.
- We got the house sold boss
- The Advantage, limited personal liability, easy transfer of ownership, business continuity, better access to capital and (depending on the corporation structure) occasional tax benefits.
- A corporation, sometimes called a C corp, is a legal entity that's separate from its owners.
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