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20 questions
Difficult and costly to start
Corporation
Sole Proprietorship
Partnership
Easiest form to start and most common form of business
Sole Proprietorship
Partnership
Corporation
Unlimited legal and financial responsibility is shared
Partnership
Corporation
Sole Proprietorship
Requires an agreement to start
Sole Proprietorship
Partnership
Corporation
Requires a charter filed with the government to start
Sole Proprietorship
Partnership
Corporation
Owner keeps all the profits
Sole Proprietorship
Partnership
Corporation
Double Taxation
Sole Proprietorship
Partnership
Corporation
Businesses must name a board of directors
Sole Proprietorship
Partnership
Corporation
Time/Commitment, responsibilities, and profits/losses are shared
Sole Proprietorship
Partnership
Corporation
Owner responsible for all debts and funding can be difficult to obtain
Sole Proprietorship
Partnership
Corporation
Owners are called shareholders
Sole Proprietorship
Partnership
Corporation
Must publish annual reports
Sole Proprietorship
Partnership
Corporation
Conflict between owners can be a common problem
Sole Proprietorship
Partnership
Corporation
Limited Liability
Sole Proprietorship
Partnership
Corporation
No fringe benefits provided to owners
Sole Proprietorship
Partnership
Corporation
Owner makes all the decisions
Sole Proprietorship
Partnership
Corporation
Requires no paperwork other than business licenses/permits to start
Sole Proprietorship
Partnership
Corporation
Owners and managers are generally separate
Sole Proprietorship
Partnership
Corporation
If one partner leaves, the business can still exist
Sole Proprietorship
Partnership
Corporation
Sole control over all business functions
Sole Proprietorship
Partnership
Corporation
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