In 100 words or more reply to the statement below about types of business ownerships
The most common type of business used is the sole proprietorship because it is the simplest structure to form and maintain. Sole proprietorship is a business that is owned by only one person. This means that as an individual owner, one receives and is accounted for all the revenues and profits. As well as any legal issue the business may encounter and liability issues. A partnership is when their is more than one business owner for a business and the responsibilities is divide between them such as finances and legal actions. Each business structure s has its advantages and disadvantages and is important to learn what they are before selecting and establishing a business. One disadvantage of a sole proprietorship is the limited liability which means the owner is responsible for all debts and sues it and must pay back.
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