Posts Tagged ‘entrepreneurship’

Own your own business? Know what forms of business ownership is right for you

Posted December 16, 2008 by Bernz

If you’ve started a small business or home based business you’ll likely experience humble beginnings, however as your business grows you might want to also expand ownership. Let’s take a look at the types of business ownership options and what they mean for you as a business owner.

cogsSole Proprietorship (or proprietorship). This is a business owned by one individual. All you basically need to conduct business is a license issued by the state where the location of your business is. There are three main advantages of a sole proprietorship: 1) easy and inexpensive to start; 2) they are subject to very few government regulations; and 3) the income the business makes is not subject to corporate taxation.

Partnership. A partnership forms when two or more persons conduct a non-corporate business for profit. Such partnerships may be operated under the form of a verbal agreement or with the formality of a written contract. In either case, a partnership defines the way each partner will share the business’s loss and profits. For example in a limited liability partnership (LLP) or limited liability company (LLC), all partners have their potential losses limited to their investment.

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