Sole Proprietorship
Only one owner
One person is responsible for all business debt.
Takes in 100% of profit.
One person makes all of the business decisions.
Corporation
Must sell stocks.
Owner not liable for business operations.
Power divided based on shareholder decisions.
Corporate income taxes.
Partnership
2 or more individuals own
There are three different types
of Partnerships, General partnership, Limited Partnership
Liability Partnership
Able to have one general CEO or owner.
Limited liability
No corporate income taxes.
Divided authority
Divided power
All strive to become successful.
