- Starting up as a proprietorship
- One owner
- Easy to form
- less capital available
- less regulations to follow
- taxed as owner income
- limited amount of capital, issue in raising capital
- life of business same as life of owner
- Doing Partnership with Others
- Risk and reward shared by more than one person
- Partner can be a limited liability or general partner subjected to arrangement in the partnership agreement
- Less regulation to follow
- Forming a corporation
- Large number of owners
- More regulations to followed
- A legal entity and taxed on its own and not in owners income
- Unlimited life
- Access to more capital
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