Business types
Storyboard Text
- Today you'll be learning about the 3 business types.
- advantages include: Less paperwork, Easier tax setup. Fewer business fees, Straightforward banking., Simplified business ownership, No liability protection.
- a sole proprietor may use his or her own given name or may use an assumed name or trade name. It is always a good idea to choose a name that is not too similar to another registered business because of common and federal law trademark protections.
- disadvantages;Financing and business credit is harder to procure. .. Selling is a challenge. ... Unlimited liability. ... Raising capital can be challenging. ... Lack of financial control and difficulty tracking expenses.
- advantages;two heads (or more) are better than one.your business is easy to establish and start-up costs are low..more capital is available for the business.
- Partnership
- A partnership is the relationship between two or more people to do trade or business.
- disadvantages;Loss of Autonomy. ...Emotional Issues. ...Future Selling Complications
- disadvantages time consumingsubject to double taxation
- Corporation
- A corporation is a legal entity created through the laws of its state of incorporation.
- advantagesOwners benefit from limited liability.Ownership interests are easier to transfer.
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