Liability
In this business, the owner is fully responsible if the business owes money
What is sole proprietorship
This business owner pays taxes just once on their personal income
What is sole proprietorship?
This business is the easiest and cheapest to start
This business struggles to borrow money because banks see it as risky
what is sole porprietorship?
in this business one owner makes all the decisions
what is sole proprietorship?
In this type of partnership, all partners are equally responsible for debts
what is general partnership
In this business each partner pays taxes on their share of profits
What is partnership?
In this structure owners can share skills, money, and ideas.
What is a partnership
In this structure owners may argue and must split profits
what is partnership
In this business partners share control and must agree on choices
what is a partnership?
In this structure, owners personal stuff (Like houses ad cars) are safe if the business gets sued
What is an LLC
This corporation avoids double taxes because profits "pass through" the owners personal taxes
What is an s-corp
This structure can sell stock to raise lots of money
What is corporation
This type has lots of rules, paperwork, and is more expensive
what is corporation
In this business a board of directors makes choices for the owners
what is a corporation?
In this structure, shareholders are only responsible for what they invested in, not company debts
What is a corporation
This type of corporation gets taxed twice- once on profits and again when profits are payed out to the owners
what is c-corp
This type of business protects owners from personal debt but avoids double taxes
What is an LLC
Owners of this business may have to pay self employment taxes on profits
what is an LLC?
In this structure members can choose if its run by themselves or managers
what is an LLC?
In this type of partnership, some partners only risk the money they put in
What is limited partnership
This is a kind of organization doesn't pay if it helps the community or a cause
What is a non-profit
This group can get donations and grants to help pay for its work
What is a non-profits
This group has strict rules and lots of government oversight
what is a nonprofit?
In this structure a group of members share decision making and benefits
what is cooperative?