Types of business ownership
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Types of business ownership
Course:
ELCOS_Summer_Pre-Sessional_2016(12
Weeks)
Tutor:
Rachel
Student:Fengyu
Li(COCO)
Student
number:
500459931
Date:29/08/2016
1374words
In
today’s
economic
，
business
are
very
significantin
social
development
and
evolution
.There
are
three
main
types
of
business
ownership
Sole
proprietorship,
Partnerships and Corporations. This article will describe and compare the three types
of
business
ownership,
and
discuss
their
advantages
and
disadvantages.
Helping
business owners to choose the ownerships also.
At first, this essay will talk about how to classify and create of these types of business
ownership.
The
number
of
owners
is
the
first
standard
to
judge
these
types
of
business
ownership.
Sole
proprietorship
is
the
simplest
form
of
ownership.
By
definition, it is a person owned and managed businesses (Wilson 2008). There is one
person to operate
all the business scholars believe that it is the easiest
way
to
is
no
necessary
for
managers
to
establish
and
get
legal
documents
that
are
very
important
for
other
two
business
rships
between
two
or
more
persons
established.
Many
people
believe
that
it
is
similar
owned enterprises, but a different number of is co-own a business for the
purpose of all the profit. It is also easy and inexpensive to establish.
Compared to
Sole
Proprietorship and Partnership
, the
company has the most complex composition. A
lot of managers saidCorporation
is the company
as a manual, independent, invisible
individual in contemplation of the law. It is a complex of the two main forms of the
business
ownership.
‘The
owners
must
obtain
the
necessary
business
licenses
and
submi
t
a
minimal
number
of
forms.’
(
Cooper
1986
)
Corporation
is
not
similar
as
other
two
types
of
business
ownership;
it
must
have
some
documents,
but
also
through the Inland Revenue Department audit.
2
To
help
managers
understand
the
other
differences
between
these
three
types
of
business
structure
and
ownership,
there
are
some
contrast,
sole
proprietorship,
the
company and partner in the following article.
For Chowdhury (2013),
the distribution
of
benefits
is
often
the
main
reason
for
the
ent
organization
of
the
business
causes
the
inequality
of
interest
distribution.
Sole
Proprietorship
does
not
need
to
pay
the
corporate
income
tax,
but
only
pay
personal
income
in
legal.
The
owner
pays
all
of
the
company’s
expense
in
operating.
But,
he
still
enjoys
all
the
profits
in
income.
The
other
significant
benefit
of
it
is
profit
incentive.
Profit
incentive is a powerful way to encourage people to keep positive emotion. But there
is
another
situation
in
Partnership;it
is
distributed
by
share
of
the
issue.
The
net
income
or
loss
of
the
company
is
viewed
as
personal
income.
The
owner
pays
the
income tax on their part of oration, the salary distribution by
different
result in distribution of wages is hardly fair.
Corporation looks very complicated and difficult operation. However,
there are still
severalstrengths of Sole proprietorship and Corporation in the
essay.
The discussion
in
Corporation
is
to
hold
an
organizational
meeting
for
the
stockholders.
Final
confirmation
of
each
project
needs
to
confirm
the
signature
by
many
relevant
will take a long time and very tedious to this way is the most
effective and not easy to make mistake.
When it comes to weakness, there are also a
lot of points of
Sole Proprietorship
Decision-makinghavea relationship between the
efficiency and future development of the company.
‘
Sole Proprietorship
refers to one
3