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Some Characteristics of Sole Proprietorship are: A sole proprietorship is a business owned and run by one person. The owner is personally responsible for all debts and losses of the business. Starting this type of business is simple, with few legal steps required. The owner makes all decisions and manages every aspect of the business….
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Some Characteristics of Partnership: A partnership is a business where two or more people share ownership and responsibilities. The partners are jointly responsible for any debts or losses incurred by the business. Setting up a partnership often requires creating a formal agreement, which outlines ownership and responsibilities. The partners collaborate to make decisions and manage…
Some Characteristics of Limited Liability Company (LLC) are: An LLC is a type of business where the owners are not personally responsible for business debts. The owner’s personal money and property are separate from the business’s debts. Setting up an LLC takes more steps, such as registering with the state. Owners can decide how to…
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Some Characteristics of Corporation are: A corporation is a business owned by shareholders and managed by a board of directors. Owners are not personally responsible for business debts or losses. Corporations can raise money by selling shares, which is not possible in sole proprietorships. The management is separate from ownership, with professionals handling daily operations….
Some Characteristics of Franchise are: A franchise is a business where someone operates under a well-known brand, guided by the parent company. The franchisee is not personally responsible for the parent company’s debts but is financially liable for their own business operations. Setting up a franchise involves significant costs, including fees and payments to the…
Some Characteristics of Freelancing are: Freelancers work for themselves, offering services directly to clients. They choose their clients, set their own prices, and manage their schedules. Starting as a freelancer is easy and requires little money or paperwork. Freelancers keep all the money they earn after expenses but must manage taxes and other costs. Success…