Acc wk 2 check - sole proprietorship or partnerships is usually the easiest way to start our depending on what your intentions and goals are

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Sole proprietorship means that a company is owned by one person. It’s one of the oldest, simplest, and most common form of a business. The owner has the option to be casually organized to their liking, they are not subject to some federal and state regulation and it’s pretty simple to manage and control on your own. A partnership means that there are two or more people who join together to run a company. Both parties contribute money, property, labor and skills to help run the company. They are expected to share the profits and losses of the company. Corporation is ran by shareholders and not just one or two people but by a board of people. It means that the corporation itself is legally liable for the actions and the debts that the company has not the shareholders. This is a more complex business to run. An entrepreneur will have to consider each of the pros and cons of each type of business there is to figure out which one is best for them. If you're thinking about starting out by choosing either a
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Unformatted text preview: sole proprietorship or partnerships is usually the easiest way to start our depending on what your intentions and goals are. Corporations take time and a lot of money to get them up and running successfully. If I were going to start a business I would do sole proprietorship because I corporation would take a long time and a lot more money to get the business going and with a partnership can you really trust the person you are going to start a business with. You can’t be sure that you won’t argue and then the other person tries to back out or someone how makes the business go in the red. I would like the fact I could run the business the way I want and not have to get an idea approved by other people. It might be more work since everything is on your shoulders to make sure that the business does good but it’s would be nice to see the improvement it is doing and knowing that it is you who is making it run so smooth....
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This note was uploaded on 11/06/2011 for the course ACCT 231 taught by Professor Shan during the Spring '10 term at Allen University.

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