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
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)

Body Paragraph (#2-3)

Save as "ownership" in your Business Plan folder

Upload both documents into Synergy Dropbox under "BP | Ownership"