Business Structures 2 | The Biz Knows

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Business Structures cont

Cons of Sole Proprietorships

• Since the owner and the business operate as one, the personal assets are not protected. In the event you are sued or incur any losses, your personal assets can be impacted.

Business structure example: Sole proprietors can operate any kind of business. It must be a business, not an investment or hobby. It can be full-time or part-time work. This includes operating as any of the following:

Shop or retail trade business

Large company with employees

Home based business

Partnerships

Partnerships can be put into different categories. Structures include the following: General Partnership, Limited Partnership and Limited Liability Partnership.

A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business.

Pros of General Partnerships

• Partnerships can be easily formed because, similar to sole proprietorships, these business entities are unincorporated

• Liability is shared between all parties, This includes any profits and taxes associated with the business

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