Businesses

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Businesses

Corporations

disadvantages - more complicated and expensive to setup - must be registered in every province it runs

advantages - The tax rate is lower than sole proprietorship - ownership is easily transferable

Sole Proprietorships

disadvantages - unlimited liability - huge time commitment

advantages - keep all the profits - you're your own boss

Franchises

advantages - instant recognition - Established customer base

disadvantages - very expensive -lack of decision making

co-operative

advantages - shared skills and experience - Less risk than sole proprietor & partnership

disadvantages - decision making difficult because lots of members -Individual members may hesitant to invest more

business which is owned and run by its members, who share profits

Partnerships

advantages -cheap to set up and organize - share debt and vacation easier

disadvantages - unlimited liability - Conflicts between partners that can not be worked out