Unlock the Secret Blueprint: Which Type of Business Ownership Will Skyrocket Your Success and Which One Could Tank It?
Owning a business can be a complicated and long journey.
Especially when you get stuck at the first hurdle: knowing the different types of business ownership and picking the right one for you!
Here, I’ll provide you with all the information you need to set your startup up for success, picking the right business ownership type for your specific needs.
Short on time? Here are the key takeaways
- Sole proprietorship: A single owner controls the business and is personally responsible for all debts and liabilities.
- Partnership: Two or more individuals share ownership, profits, and liabilities based on their agreement.
- Private limited company (LTD): A legally separate entity from its owners, offering limited liability and restricting share transfers.
- Non-profit: An organization that reinvests profits into its mission rather than distributing them to owners or shareholders.
What is Business Ownership?
First off, before I dive into the different types of business ownership structures, let’s quickly touch on what I mean by the term ‘business ownership.’
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