Business Ownership Types Term Paper by SBurtis

Business Ownership Types
A review of the various types of business ownership.
# 152659 | 827 words | 3 sources | APA | 2012 | US
Published on Apr 11, 2013 in Business (Law) , Law (Business)


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Description:

The paper looks at the sole proprietorship business ownership structure, the partnership, the limited liability partnership and the limited liability company, and also addresses the S corporation, the franchise and the corporation. The paper explains what kinds of businesses each ownership structure is suitable for and then offers examples of modern corporations.

Outline:
Sole Proprietorship
Partnership
Limited Liability Partnership
Limited Liability Company
S Corporation
Franchise
Corporation

From the Paper:

"Sole Proprietorship: Structured as a sole proprietorship, an individual or couple (typically a married couple) owns the business. This is the most common and simple business ownership structure. It is easiest to form and to operate. Sole proprietors enjoy greater flexibility in management, and there are fewer legal controls to endure. However, sole proprietors are personally liable for all debts incurred by their business. Examples of sole proprietorships: a small housecleaning business, a mom & pop cafe, and a thrift or antique store. A sole proprietorship is the appropriate business form for these types of businesses because they are typically simple businesses without shareholders or a board of directors to answer to. They are owned by one person or a married couple, and typically have few, if any other employees (Corporations and Charities Division, n.d.).
"Partnership: In a partnership, two or more people share in the profits, losses, and management of their business. Each partner is equally responsible for the business' debts. They agree to contribute money, labor, and skills to the business, typically formalizing their partnership in writing. Most any business can be formed as a partnership if more than one person owns it and contributes to it equally. Excellent examples include a two-man landscaping business or two women running a small daycare center (Corporations and Charities Division)."

Sample of Sources Used:

  • Corporations and Charities Division. Ownership structure types. (n.d.) Washington Secretary of State Website. Retrieved from http://www.sos.wa.gov/corps/registration_structures.aspx
  • Franchise. (n.d.) InvestorWords. Retrieved from http://www.investorwords.com/2078/franchise.html
  • S corporations. (n.d.) IRS.gov. Retrieved from http://www.irs.gov/businesses/small/article/0,,id=98263,00.html

Cite this Term Paper:

APA Format

Business Ownership Types (2013, April 11) Retrieved November 29, 2020, from https://www.academon.com/term-paper/business-ownership-types-152659/

MLA Format

"Business Ownership Types" 11 April 2013. Web. 29 November. 2020. <https://www.academon.com/term-paper/business-ownership-types-152659/>

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