Business Types

Front

This type of business is owned by one person.

Back

Sole Proprietorship

Front

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

Back

Sole Proprietorship

Front

Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability. Options: Sole Proprietorship, Partnership, Corporation, Franchise

Back

Sole Proprietorship

Front

What is a major advantage of a business that is a partnership rather than a sole proprietorship?

Back

The responsibility for the business is shared

Front

What is a business owned by stockholders/investors but operated by others?

Back

Corporation

Front

What is a business owned and operated by two or more people?

Back

Partnership

Front

What is ONE advantage of a sole proprietorship?

Back

You make ALL the decisions

Front

Disadvantage of Sole Proprietorship?

Back

Hard to raise money

Front

What is ONE advantage of a Corporation?

Back

Easy to raise money!

Front

Disadvantages include limited life and
the potential for conflict between partners

Back

Partnership