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DIFFERENT BUSINESS STRUCTURES
-Short Paper 1-
Abdullah Al-Hashani
Alliant International University

DIFFERENT BUSINESS STRUCTURES
-Short Paper 1-
“Explain the roles of sole proprietorships, limited liability corporations, corporations and partnerships.   If you were establishing your own business, under what circumstances would you choose one instead of the others?   What specific factors would lead you to choose one over the others?”

SOLE PROPRIETORSHIP
The sole proprietorship refers to a person who owns a business, and he is personally reasonable for its debts. That type of business is usually small, and specialize in offering services at a local level. It is the most popular business structure in the United States, and being easy to set that kind of structures up is one of the reasons why it is so popular.

Advantages
  * Very easy, fast and inexpensive to set it up and operate.
  * Minimum formalities, few legal control and less taxes.
  * The possibility to mix personal and business assets.
Disadvantages
  * The owner is subjected to unlimited liability for debts, and losses.
  * Is not considered a legal entity.
  * It is very hard to raise money.
PARTNERSHIPS
There are three main types of partnership structures:
  1. General Partnership: Is a partnership between two or more who reach agreement to give (money, labor, skill ... etc.) to the business in order to take shares of the profits, but each is equally and personally responsible for the business debts and losses.
  2. Limited Partnership: Again, it is a partnership between two or more, but some are general partners and others are limited partners. The general partners are responsible of the day to day operation, and managing the business, while the limited partners are only investing in the business. Usually, the general partners personally share the profits and losses of the business, but the limited partners only share the profits, while the losses will only deduct from...

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