POB sole proprietorship/partnership/corporation
managed by a board of directors
corporation
usually must be dissolved if an owner leaves
partnership
a written agreement defines ownership
partnership and corporation
must register the business name and the names of all owners
partnership and corporation
owned and controlled by 2 or more people
partnership and corporation
two or more people can invest in the business
partnership and corporation
does not even require a business name
sole proprietorship
owned and run by one person
sole proprietorship
the easiest form of business to start and run
sole proprietorship
the majority of US business
sole proprietorship
business income is taxed as personal income
sole proprietorship and partnership
no protection for personal assets
sole proprietorship and partnership
must create bylaws or operating procedures
corporation
protects the liability of owners
corporation
shareholders have a voice in business decisions
corporation
