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Forms of Business Ownership

Jazzi-Blue Baker

sba.gov

Corporations

C-Corporations

Corporations

S-Corporation

sba.gov

Limited Liability Company

Partnership

  • corporation set up through IRS tax election

ADVANTAGES

  • shareholders are not effected when they leave the corporation
  • shareholder expenses can be business expenses

DISADVANTAGES

  • operations are a strict process
  • equal pay causes high employment tax
  • business owned by shareholders

ADVANTAGES

  • can gain capital
  • little liability
  • taxation separate from owners

DISADVANTAGES

  • costly and time consuming
  • additional paperwork to start business
  • sometimes corporation are taxed twice

entrepreneurship.com

sba.gov

entrepreneurship.com

Franchise

  • company that has limited liability of corporation and tax efficiency of partnership

ADVANTAGES

  • less paperwork and restriction
  • limited liability of owners
  • distributed profits as seen fit

DISADVANTAGES

  • business is effected after member leaves
  • self-employment tax
  • when two or more people share a single business

ADVANTAGES

  • finances are shared
  • multiple strengths
  • easy and inexpensive form

DISADVANTAGES

  • possible disagreement
  • sharing of profits
  • full liability amongst partners

Sole Proprietorship

  • simple business form; one operator of business

ADVANTAGES

  • can be obtained easily and inexspensively
  • properties and funds from personal life and business
  • income is for the owners

DISADVANTAGES

  • liability is on the owner
  • more risk of lawsuits
  • do not last if owner is no longer alive

  • one business owner that builds a business from other entrepreneurs

ADVANTAGES

  • easy access to good mangement
  • good way to obtain expansion captial
  • less of a risk when expanding

DISADVANTAGES

  • less control over managers
  • difficult to begin a franchise
  • restriction on ideas for franchise
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