The different forms of businesses
Sole proprietorship
Disadvantages
-Liable for debts
-You do everything yourself!
-Liable for wrongful acts
Advantages
-You get all the money
-Easy to sell the business
-Only 1 level of taxation
Partnership
Advantages
You work together
Easy to setup
Everyone has shared cost and responsibility
Disadvantages
If one person is in trouble, everyone is in trouble
You have personal liability
An agreement is required
Co-operative
Advantages
Works well in specific areas
Business continues to be operational until co-op closes down
Disadvantages
Limited liability
Expensive to setup
Consensus must be had
Corporation
Advantages
You are seperate from the business
Higher protection
Have share holders
Disadvantages
More complex
Need a lawyer
Franchise
Advantages
Make a lot of money
Easy to follow
Has brand recognition
Disadvantages
Pay a monthly fee
Training required for all workers
Examples
Lemonade stands, Little bit of Britian
Examples
Intel, Walmart
Examples
Toronto energy renewal
