INTRODUCTION TO ENTREPRENEURSHIP
TYPES OF ENTREPRENEURSHIP
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Question
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An advantage to this type of business is that it is generally easy to start because you start it by yourself, using skills and resources you have or can obtain easily.
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Business Ownership
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Sole Proprietorship
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LLC
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Franchise
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Explanation:
Detailed explanation-1: -A sole proprietorship is a business that can be owned and controlled by an individual, a company or a limited liability partnership. There are no partners in the business. The legal status of a sole proprietorship can be defined as follows: It is not a separate legal entity from the business owner.
Detailed explanation-2: -Less paperwork. Easier tax setup. Fewer business fees. Straightforward banking. Simplified business ownership. No liability protection. Harder to get financing and business credit. It’s harder to sell your business. More items •16-Dec-2020
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