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Published byStanley Miles Modified over 9 years ago
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Starting a Business Starting a Business Business Types
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Selecting a Business Type How much money do I have to start my business? What will my liabilities be if I am sued or go bankrupt? How much control of my business do I want? How big do I expect my business to grow?
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Sole Proprietorship A business owned and operated by one person. –Examples: Bookstores Coffee shops Plumbers Automotive repair Hair stylists
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Sole Proprietorship Advantages –ease of startup –full Control –exclusive rights to profits Disadvantages –unlimited liability –sole responsibility –Limited growth potential –Lack of longevity
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Partnership A business owned and controlled by two or more people. –Examples: Law firms Doctor’s offices Brokerage firms Ben & Jerry’s Ice Cream
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Partnership Advantages –ease of start-up –specialization –shared decision making –shared business losses Disadvantages –unlimited liability –potential for conflict –Lack of longevity
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Corporation A business entity that has some of the legal rights of a person, but is distinct from its owners.
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Corporate Structure
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Corporations AdvantagesDisadvantages
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