Compare and Contrast - aim is to obtain a small business...

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Compare and Contrast: Proprietorships, Partnerships and Corporations 1
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There are many differences between a sole proprietorship, partnership or, corporation. A sole proprietorship is a business owned by one person, a partnership is a business owned by more than one person. When looking at liability with sole proprietorships or partnerships the owners are personally responsible for business debts. If the assets of the sole proprietorship or partnership cannot fulfill the debt, creditors can go after each owner's personal bank account, house, etc. to make up the difference. On the other hand, if a corporation runs out of funds, its owners are usually not liable. A corporation is a business organized as a separate legal entity owned by stockholders. With a corporation the shareholders within the company are those that are liable for any amounts that they have invested into the corporation. I think that an entrepreneur would choose a sole proprietor over the others because their
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Unformatted text preview: aim is to obtain a small business and help the business get recognized with one of their remarkable ideas. An entrepreneur is looking to invest his or her ideas, within small companies usually sole proprietorships. Basically helping the business get moving, when the business has made its mark the entrepreneur advances to the next venture. I would choose to have a partnership, I think getting the help that I need with certain areas that I cannot, would benefit a lot. My husband is going to be my partner when I open my store, I have some knowledge of most of the factors of the store we want, but he covers the rest so I think we would be an excellent team. I want it to be a family effort and he is my support to this goal. Plus having someone else to help manage things, and knowing I can trust everything is a big deal. 2 References: Paragraph 1: www.legalzoom.com 3...
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Compare and Contrast - aim is to obtain a small business...

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