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Types of Businesses
1. Sole Proprietorship The first most significant limitation is that one person controls it. Because of this, one sole person is liable if the business turns belly up. The second limitation is the amount of capital that is needed to start up. Many people go into debt starting up and then never make it out of debt again.
Partnership The first disadvantage to a partnership is again the liability upon the few people. The partners are responsible financially if the company doesn't do well. The second disadvantage is that if my partner makes a dumb mistake, I could become liable for his mistake. I'm all for working together, but it is certainly a different kind of liability if you don't know whom your partners with.
Corporation The first limitation in my opinion is the additional tax increase that is bestowed upon corporations. Thus, making less money. The second disadvantage to a corporation is the separation of ownership and management, Upper level making decision s without consulting the stockholders.
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LLC Limited Liability Company's first disadvantage is the amount of paperwork that is required. Many LLC's need personal accounting and legal help to sort out and make sense of the massive amounts of paperwork. Another limitation is the amount of barriers. Such as professional degrees, might block some from entering this market.
. Sole Proprietorship The first advantage is that there is no income tax charged. This makes more capital, giving your company a real jump-start. The second advantage is the simplicity. Very little paper work is required, and is simple to do.
Partnership More people mean more resources to spread the costs. Another advantage is that there is no tax on the profits of the partnership.
Corporation - The first advantage is the liability. Liability is limited to the amount os their investment. Another advantage is the structure is the company. No one person can affect the corporation greatly.
LLC Liability, you aren't personally liable for the company's debts. The second advantage is that you are allowed to operate across state lines, and with that avoid some costs.
. General partners have unlimited liability for the debt is the firm and unlimited responsibility for its management. Limited partners contribute capital but cannot be involved in the management of the business.
4. Many states require rwo people to start up an LLC. However there are some legal actions that are being put forth that will change this so that only one person is needed to start up an LLC.
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