4 Business Types

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.

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

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

Example
1) Apple

Business owned and operated by one person.

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

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

Example
1) Lloyds

Combines elements of Sole Proprietorships, partnerships and corporations.

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

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

Example
1) bp gas

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

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

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

Example
1) McDonalds