5 Types of Business Ownership

1. Partnership

1.1. Pros:

1.2. Start up costs are shared equally

1.3. Easy and inexpensive starting a partnership

1.4. Equal share of management

1.4.1. (you don't have to do all the work yourself)

1.5. Cons:

1.6. Unlimited Liability

1.7. Can be difficult to find a suitable partner

1.8. Possible to develop conflict

1.8.1. (between the partners)

2. Corporation

2.1. Pros:

2.2. Limited Liability

2.3. Ownership is transferable

2.4. Separate legal entity

2.4.1. (not accountable for the actions others)

2.5. Cons:

2.6. Closely regulated

2.6.1. (government)

2.7. More expensive to set up

2.8. Possible conflict between shareholders and directors