4 Business Types

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4 Business Types

Partnership

Example 1) McDonalds

Disadvantages 1) More people could cause problems 2) Less profit 3) More complicated

Advantages 1) More people less risk 2) Business is more stable 3) Two people can be more successful

Two or more people share the assets, liabilities, and profits.

LLC

Example 1) bp gas

Disadvantages 1) More expensive 2) Taxes are expensive 3) Checks made out to the company cannot be cashed.

Advantages 1) Little Risk 2) Can't take your personal property 3) Protected Assets

Combines elements of Sole Proprietorships, partnerships and corporations.

Sole Proprietorship

Example 1) Lloyds

Disadvantages 1) Unlimited Liability 2) All costs are on owner 3) All debts are on owner

Advantages 1) One owner 2) Low start up cost 3) Tax treatment

Business owned and operated by one person.

Corporate

Example 1) Apple

Disadvantages 1) Double Taxation 2) Independent management 3) Excessive tax fillings

Advantages 1) Not liable for debts 2) Selling shares 3) Can deduct the cost of benefits

C-Corporations: Most common form of corporation. It protects the entrepreneur from being personally sued for the actions and debts of the corporation. S-Corporations: A corporation that is taxed like a sole proprietorship or partnership.