Forms of Business and Type of Ownership
Business Plan
Choosing the type of ownership for your business will be one of the first things you'll need to decide when you apply for a business license with the state. There are pros and cons to each type of ownership.
Assess Types of Business Ownership
Read Entrepreneur Magazine - Choosing your Business Structure and/or Choosing your Legal Structure by powerhomebiz
Create a chart in Word that could be used as an aid in deciding what form of business to choose when starting your own business. Using the information gathered from the article, fill in the chart you created.
Save as "BP-ownership-chart" in your business plan folder.
Upload this doc into Synergy Dropbox under "BP | Ownership"
Sole Proprietorship |
Partnership |
Corporation |
Limited Liability |
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Pros |
Cons |
Pros |
Cons |
Pros |
Cons |
Pros |
Cons |
Determine Your Type of Ownership
This is a written component that should be at least a 1/2 page – 2-3 paragraphs.
Create a new Word doc.
Introductory Paragraph (#1)
- Write a clear, simple statement that tells the reader what type of ownership you choose that would be best for your business.
Body Paragraph (#2-3)
- Write a rationale for your ownership type by using the advantages you learned about from above and how those advantages would benefit your business
- It would also be smart to draw on the negative parts of the types of ownership that wouldn't work for your business as a means to support your analysis
Save as "ownership" in your Business Plan folder
Upload both documents into Synergy Dropbox under "BP | Ownership"