Business Types
Types of Business
When starting a business for the first time; a person has to ask itself a question about the businesses organizational form. Which type of business organization is right for me? There are three legal forms that business is conducted by: sole proprietorship, partnership and corporation. The following paper will discuss these three forms and which would work for which kind of business, among other important facts.
The first is a sole proprietorship; this is a business with one owner. The owner would be responsible for all debts of the business. The income from the business would not be taxed as a business; instead all the income subject to taxation would be taxed to the owner. A sole proprietorship avoids the expense of forming a partnership or corporation, and is the easiest and cheapest way to start a business. Most individuals start businesses using this method because they’re aren’t aware of the other forms of business. (My Own Business, 2007).
Second,......
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Approximate Word Count: 606
Approximate Pages: 3 (250 words per double-spaced page)
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