Types of Business
By kn0413, Updated
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Sole Proprietorship Owned by one person
I own a News stand one of the Advantages is I'm my own boss one of the Disadvantages is that I must pay for everything that is needed for my business
Partnership Owned by two or more people
We own a Law firm agency, one of the Advantages is that it is easier to obtain capital than in a sole proprietor ship one of the Disadvantages is that partners might not get along
Franchise An agreement to sell a company's products or services
I own a bakery one of the advantages is I can rely on a good name and expertise of the parent company one of the disadvantages is Franchise must operate like every other franchise
Corporation owned by many people
Profit making corporation Business who motive is making a profit
An advantage of a profit making corporation would be the possibility of making money a disadvantage would be you are completely liable if if the business were to collapse
Non profit making business focus on providing a service instead of making a profit
An advantage of a Non profit would be usually benefit an organization cause need or a public purpose a dis advantage is cannot be run for the financial gain of the members or directors.
An Advantage about corporation is we can raise money by selling stock a Disadvantage would be Corporations are taxed money
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