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Management 101

In: Business and Management

Submitted By HELLOicHEATED
Words 464
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There are many different types of forms of businesses in this world. People tend to choose a type of business off of what they feel or who they are working with. These forms are what guide someone into being successful or not. These forms are the most traditional ways of our economy. Throughout this paper I will be expressing each major form of business with their advantages and disadvantages.
A sole proprietorship is defined as a structure of business organization that is simple to set up and allows you to have control over the business, which is ideal for small owner-operated businesses (Kimmel, Weygandt, & Keiso, 2009, p.4 ). The advantages are a sole proprietor has all the strength and decision-making power towards the company, everything can take place at the verdict of the sole proprietor owner, there are no corporate taxes, and to start a company legally is cheap to name a few. The disadvantage of a sole proprietor business is what can change the mind of a few when it comes to starting one. They are liable for all debts towards the company.
Partnership is used a lot through many businesses. A partnership is formed between two or more people to invest and run a business smoothly. Advantages to name a few are Partnerships are relatively easy to establish, cost-effective as each partner specializes in certain aspects of their business, and may benefit from the combination of complementary skills of two or more people as in more knowledge, skills and contacts. The disadvantages are business partners are jointly and individually liable for the actions of the other partners, they must share earnings, and decisions are shared, so that a grasp of the weaknesses.
Throughout the world we learned that the C corporation is known as the standard corporation and the S corporation has designated a special tax position with the IRS. Businesses set up in either...

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