Sole Proprietorship

Sole Proprietorship. A sole proprietorship, also known as a sole trader ship, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by one person..

Partnership. A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests..

Corporation. A corporation is a company or group of people ,authorized to act as single entity (legally a person) and recognized as such in law..

Cooperatives. A cooperative is an autonomous association of person united voluntarily to meet their common economic, social, and cultural needs. Like a farm, business or other organization which is owned and run jointly by its members who share the profits or benefits..

Sole Proprietorship. Advantage: Owner keeps all the profits - if you are the one owner of your business, you are the only one who receive the all profits. Owner makes all the decisions - you are the one who decided or decision to your business Easy to form and operate - its so easy to build, because there are not many requirements.

Disadvantage: Limited to life of the owner - if the owner of the business is death there are possible that their siblings or partner is take over the business. Capital is limited - it’s a limited Unlimited liability - if you have lacking payment there have possible to cause bankrupt.

Partnership. Advantage Higher capital - you can make more than that higher capital Easy to organize - its between two person to both organize their business Share decision making - is more ideas come up if you both manage the business Disadvantage Sharing of profits - its many profits share and dividing among their partners. Liable for acts of other partner - like wrong call acts or wrong information Unlimited liability - its a personal properties under in contribution..

Corporation. Advantage Limited liability - it’s a limited for investment Easy to raise huge capital - its more capital comparing to partnership or proprietorship Continuous existent - usually is a long years to continuous of corporation.

Disadvantage Limited distribution of surplus - it’s a limited to all member if they want to have contribution Education for members - their need to contributed to develop of cooperative Slow decision - it’s a slow to make decision if their many owner’s of a business.