Overview
Understanding business ownership and structure is crucial for anyone looking to start a business. Different ownership types, such as sole proprietorships, partnerships, and corporations, come with unique advantages and disadvantages that can affect liability, taxes, and legal responsibilities. Choos...
Key Terms
Example: A freelance graphic designer working independently.
Example: A law firm owned by several lawyers.
Example: Apple Inc. is a corporation.
Example: In a sole proprietorship, the owner has unlimited liability.
Example: Business expenses like office supplies can be tax-deductible.
Example: In a corporation, shareholders are not personally liable for debts.
Related Topics
Key Concepts
Types of OwnershipBusiness StructuresLegal ImplicationsTax Considerations