Mind Map

Advantages: You keep all the profits, you make the decisions, you are your own boss, and financial information is kept secret.

Disadvantages: Unlimited Liability, your face personal and financial challenges as well as your own, will be harder to borrow money, and a huge time commitment.

Advantages: Inexpensive to set up and organize ($1000), easier to borrow from the bank, more brains filled with knowledge, experience, and skills.

Still unlimited liability, Personal assets may be used to pay of debts, and unworkable conflicts can rise between the partners.

Advantages: shared skills and services
and shareholders control what is sold
and price of goods.

Disadvantages: Decision may be harder
because of multiple members and commitment
may vary because some people might have a
lot of money and stake and some may take things more seriously than others.

Has a reduced risk of failure and
being your own boss.

Initial cost is high and you'll have
less privacy since you are sharing
your information with the franchiser

Advantages: limited liability
and more financial resources
to expand and grow

Disadvantages: More complicated
to set up and it must be registered
in every province it operates.