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Acc 220 Week 2 Checkpoint

In: Business and Management

Submitted By jobregon21
Words 296
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Checkpoint
Proprietorship is a business owned by one person or married couple and they operate the business by themselves. They are responsible for all liabilities of business and they will also receive all income. Partnership is when there are two or more people that own the business which mean they all have unlimited liability for the debts of the business. It also means that income is split between each partner of course depending on the amount of money or assets that each person invested. Corporation is a company owned by stockholders and they are not responsible for the corporation’s debts. This also means that there is less stress being part of a corporation as a stockholder than a proprietorship and partnership. An entrepreneur would want to choose one over the other so they can start their business.
By looking over the advantages that each one have, they can decides which one could be the best one to meet their goals. I just think that they have to look at everything that is available to them including how much money they have. This way they would be able to know if they can start a business by themselves or they may need a partner to start the business.
If I would start a new business, I think that I would choose to go with proprietorship because it is one of the easiest one of them all. I do understand that I would have to come up with all of the money but I can start small. Another reason that I think I would like to be a proprietorship would be that I would have control of my money. I would work very hard to make my company grow and make sure that everything is running…...

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