Unlock the Secret Blueprint: Which Type of Business Ownership Will Skyrocket Your Success and Which One Could Tank It?
The main advantages of a sole proprietorship are that all the income and business assets are owned by the individual, you don’t have to worry about corporation tax, and you get to make all the decisions.
On the flip side, it also means that you are completely responsible for all business debt or losses, and there is very little to differentiate between business and personal income, which can cause problems when it comes to paying taxes at the end of the year.
Partnership
Another business ownership option you may want to consider is a partnership, which can come in two different forms: a general partnership or a limited liability partnership.
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