|
Advantages |
Disadvantages |
| Complete Control |
Not considered as prestigious |
| Inexpensive to start and maintain |
Outside financing more difficult |
| Easy to start and end |
Limited to your lifetime |
| Keep all your profits |
Personal Liability |
|
Partnerships |
|
Advantages |
Disadvantages |
| Pooling of time, talent and energy |
Partners frequently disagree |
| Partners share risk |
Liability for partner's actions |
| Teamwork and support |
Disagreements common |
| Minimal government control |
Breakups often messy |
| Sharing of expenses |
Profits split |
|
Limited Liability Companies |
|
Advantages |
Disadvantages |
| Limits liability |
Most states require more than one
person |
| Taxed like a partnership |
Dissolves on death of a principal |
| Less paperwork than a corporation |
More cost than sole proprietorship |
|
Corporations |
|
Advantages |
Disadvantages |
| Best business image |
Most expensive to start and operate |
| Limits Liability |
Extensive record-keeping |
| Business can survive owners |
Tax benefits often negligible |
| Easier to sell |
Difficult to change |
| Easier to raise capital |
Double taxed in some states and
insurance may be more expensive |
|
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