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Sole Proprietors get to keep all profits from the business but are also liable for all debts if the business should fail. Decisions can be made yourself and start-up is relatively easy.
start-up is relatively easy with a Partnership and it is easier to acquire capital. Partners help bring different skills to the business and each has an incentive to succeed but because they share profits, they share unlimited liability . If one goes down, they all do.
Corporations are owned by stockholders, who are only liable to lose their original investment and nothing else. Corporations pay more taxes than other types of business and there is more governmnet regulation. Running a corporation is more difficult than other business types.
Similar to General Corporations but with small difference that help avoid double taxation and other expenses.
Similar to regular partnership; not a taxable entity. Losses and gains are passed through to the partners. 2 classes of partners: Limited investors and general partners who run the business operation.
Limited Partners can only lose up to their original investment, no personal assets can be taken to pay debts.
An LLP removes a partner's personal liability for another partner's mistakes. A partner's liability if this should happen is limited to the partnership's assets and not personal ones.
A Co-op is an organization owned and operated by its members for the purpose of saving money on certain goods and services. A government charter is required to start a co-op. Most profits are reimbursed at the end of the year to members.