Types of Business

- One owner
- No distinction between the owner and the person

- Pretty easy to set up
- He/she will have unlimited liability for all debts of the business
- All profits to the owner
- Income taxes are low

- All debts to the owner
- Personal liability

- Two or more people
- Partnership roles/Responsibilities outlined in contract

- Easy to set up
- Debt is shared

- Can both be sued

- Loyal entity

- Shareholders don't lose when the company does
- Owners keep personal assets
- Board of Director to enlarge company

- Very complicated to set up
- Income tax
- Expensive to set up and administer

- A group of people who get together

- Limited liability

- Complicated
- Not popular

- an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities

- Most of the business steps have been laid out

- Expensive