Types of Business

Types of Business

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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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