Sole Proprietorship

1. Pros

1.1. Get all of the profits

1.2. You're your own boss

1.3. You come up with your own ideas/ easy to make business decisions

1.4. Work your own hours

1.5. Less paperwork

2. Pros

2.1. Bounce ideas off of each other

2.2. Share profits

2.3. Share costs

2.4. Combine resources

3. Pros

3.1. Less taxes

3.2. Losses are only in small sections of business

3.3. Shareholders buy shares of the company

4. Cons

4.1. Take all of the losses

4.2. Hard to get loans

4.3. Taxed more than Corporations

4.4. Significant amounts of debt to start

4.5. Everything that goes wrong falls on you

5. Examples

5.1. Sonshine Baskets (Millersburg IN)

5.2. My Grandma's Garden (Emma, IN)

5.3. Barb's Poesy Patch (Scott/Shipshewana, IN)

6. Partnership

7. Cons

7.1. Could have conflicting ideas

7.2. Have to consult with each other about everything

7.3. Risk of them going behind your back

7.4. If one wants out, the whole business dissolves, unless there is a contract

8. Corporation

9. Examples

9.1. Shipshewana Harness (Shipshewana, IN)

9.2. Quality Fence (Shipshewana, IN)

9.3. Black Anvil Design (Shipshewana, IN)

10. Cons

10.1. More legal issues

10.2. Have to have meetings to make decisions

10.3. Lots of paperwork

11. Examples

11.1. RC Trailers (Middlebury, IN)

11.2. Hallmark Trailers (Bristol, IN)

11.3. Microsoft