business project

business project

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  • Man, I really want to start my own business. 
  • Which one? I thought there was only one kind of business.
  • That's a good idea, but which kind do you want?
  • What's the difference between them?
  • There are three types, to be exact. Let me explain..:
  • The three businesses are Sole-Proprietorship, Partnership, and Corporation. 
  • Some of the problems, though, include you have unlimited personal liability of the sole proprietor, as well as an uncertain business life. It will be more difficult to raise capital finance or obtaining finance. You also don't have that great of a view on the business management
  • Well, if your company is a sole proprietorship, you will own all of the assets and you will be 100% in charge. You will also have few formal business requirements. Also, The government has less control on your company.
  • Some cons, though, are that you and the other person might get into arguments, crushing the business. You both share profits, which means the other person might not hold up their side of the share. Finally, you don't have complete control over the business, the other person has control as well.
  • The next is Partnership. Some advantages of making a partnership are you share the cost of the start-up, you share responsibility and work, and mutual support and motivation. You share the start-up cost, making it less expensive for the both of you. You both share responsibility, loosening some stress you would gain from sole-proprietorship. Lastly, you both can give each other mutual support and motivation to keep each other going.
  • The problem is that it takes a lot of time and money to incorporate your business, and you might be a victim to Tax Liability. Another problem is that you would be doing what everyone else would be ; that is you would be following corporate formalities.
  • Lastly, Corporation; some advantages of corporation is the legal liability, Ability to Attract Investors, and Stock Options and Employees. When you become a Corporation, you gain a limited amount of legal liability. With corporations, you have the ability to issue stocks which is a great thing to have. Lastly, the corporation can offer appealing options for employees and consumers, granting more activity from the business.
  • I think that I'm going to pick sole-proprietorship, it just seems like more of a type of business to start with.
  • So, now that you know more about the types of businesses, which do you think you'll choose?
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