Chapter 8: Business types - Chapter 8 Business Types There are many different business types Each business comes with a certain amount of

Chapter 8: Business types - Chapter 8 Business Types There...

This preview shows page 1 - 2 out of 2 pages.

Chapter 8: Business TypesThere are many different business types. Each business comes with a certain amount of responsibilities and liabilities. Depending on the owner's preferences they can choose to have a sole proprietorship, partnership, or corporation.The easiest business to set up is a sole proprietorship. A sole proprietorship is a business owned and managed by one person. This type of business has an ownership structurein which the owner earns all of the firm’s profits and is responsible for all its debts. To be a successful sole proprietor, you have to be a risk taker for greater satisfaction and greater financial earnings.There are many advantages and disadvantages of a sole proprietorship. The main advantage ofthe sole proprietorships is that it's an easy start-up. With just a small amount of paperwork and legal expense required, pretty much anyone can start a sole proprietorship business. The start

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture