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Tonya

In: Business and Management

Submitted By tonyahuntington1
Words 812
Pages 4
Pros & Cons of the Different Legal Structures There are three main types of firms, which include: sole proprietorship, partnerships, and corporations. When starting a business, it is very important to weigh out the pros and cons of each type to decide which type would be best suit your particular business. Each type has its advantages and disadvantages that need to be considered before deciding which would be best moving forward. I will discuss the advantages, disadvantages, and differences of each type of firm.
First, there is a sole proprietorship. “A sole proprietorship is someone who owns an unincorporated business by himself or herself.” (IRS.gov, 2016) This type of firm is the easiest to set up and the simplest of the business structures. It is by far the most popular because of its advantages. Some of these advantages include: ease of formation, least amount of record keeping, minimal regularly controls, and advantage of double taxation. With these great advantages comes a huge disadvantage, which is, there is no legal distinction between the assets and liabilities of the business and those of its owner. In a sole proprietorship you may reap all the reward from financial benefits, but you are solely responsible for all business risks involved. In a sole proprietorship if the business fails then that one individual stands to lose all personal assets and other possessions. The second type of business is a partnership. “A partnership is a single business where two or more people share ownership.” (SBA, n.d.) There are three types of partnerships: general partnerships, limited partnerships, and joint ventures. In a general partnership everything is divided equally unless otherwise documented in the partnership agreement. A limited partnership, which is more complex than general partnership, liability and input depends on the percentage of a partners’…...

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