Business #1
Storyboard Text
- sole proprietorship Adv.
- partnership Adv.
- corporation Adv.
- A sole proprietorship's top three advantages are that all the profits go to the owner of the company. It has an easy start-up and business plan. Also, there are no taxes.
- sole proprietorship Dis.
- A partnership will have fewer taxes than a corporation. Another advantage is that there is more skill in the company now, also an even easier start-up, with someone else doing a part of the work.
- partnership Dis.
- Major advantages for a corporation are that for one it is much easier to make money. If there is a problem it is easy to fix, and manage departments. Last is that it has an unlimited lifespan.
- corporation Dis.
- The main disadvantages to a sole proprietorship are that there are limited skills, a limited life, and a high start-up cost. Hence the reason most businesses don't last than 5 years.
- In a partnership, there can be some serious disadvantages, like arguments in the company. If someone were to die for leave, the company can fail. Most of all they work under unlimited liability.
- The major issues with a corporation are very similar. They are very complex, difficult to grow and start-up, and finally, they take a lot more time and effort.
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