Types of Business

-There's privacy
-It's very simple to start your own business
-Start up costs are low

-Too much responsibility
- No distinction between private & business assets.

A few real life examples of sole proprietorship are:
-An artist
-A local grocery store
-A freelance worker

Other: There is a single owner taking full responsibility & controlling the business . This is what makes sole proprietorship ideal, especially for small business owners as there isn't the risk of conflict between owners of corporations & partnerships.

Other: A partnership is merely a legal relationship between business partners. Unlike a corporation, a partnership does not have a legal existence.

What is it-? Two people putting work together in a business as partners.

Advantages

In a partnership there is less financial burden and you have the other persons support

Disadvantages

You have to split profits in a partnership, & there may be disagreements between partners which can lead to bad decisions being made by both partners.

Corporations can be expensive to form
There are a lot of rules to follow
There is a high chance of having traitors in a business corporation.

Corporations can borrow money at lower rates
Shareholders are not responsible for the corporations debts.

Other: You can save yourself many tax dollars in a corporation since corporations pay very low tax, because it helps them to stay competitive, to service debts & have great flexibility overall.

Advantages & Disadvantages

Lower risk of downfall
You have support from the franchise owner

There are strict rules in a franchise
There is little to no independence

Other: Franchises employ more 18 million people
There are more than 785,300 franchises

Company or Organization that performs tasks to help customers

Easy to Start Up

Faster Potential Revenue

Harder to Value than Other Customers - You can experience low progress on numerous intitiaves

Lack Of Ownership

72% customers will tell six or more people if has a good experience

Need Skills to Work in a Service Business

Business that assists a product or brand through advertising

Earn Higher Profits

Shoppers more satisfied with business

Increase in customers

Cost of creating products

Offering customers the goods that their customers anticipate purchasing is one of the most important components of retail merchandising. To be able to achieve this, we must work on product planning, procurement, storage, and display.

Producing goods by hand or machine and selling to customers

Provide Several Jobs

Higher Standerd and Quality

Higher Transportation Costs

Limited Creativity

Contribute $2.81 trillion at the rate of economy

Needs to be able to cover the cost of making the product and create a product that is suitable to the market

A electronic commerce that trades goods and services on the internet

Cost Reduction

Affordable advertising and Marketing

Can't Try Before Buying Products

Highly Competitive

Sales could reach up to 20.8% of Retail Sales Worldwide

Electronic Industry leads the market

What is it-? A business owned & controlled by a group from which benefits are distributed equally.

Advantages

Disadvantages

A co-operative business has fixed pricing &
less operational control

A co-operative business supports community development
A versatile model that can be applied to any organizational size.

Real Life examples: Day cares, utility comapanies

Other: The members of a co-operative
business are also the owners.

Company/Organization which provides purposes rather than generating profit

Seperate Entity Status

Gain Increased Credebility

Social Pressure - You may face potential backlash on organizations that are extreme. For instance religious

No Persuading or Political Campaigning

Approximately 1.8 million non-profit organizations

Charitable giving reckoned for 2.1% GDP