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Forms of Organizing Business
There are three forms of organization of your business.
These forms are the sole proprietorship, the partnership and
the corporation. Which of these forms of organization you
choose depends on such questions as the size of your business,
whether you are the only owner of your business or you have
partners.
Sole Proprietorship
. A sole proprietorship is the simplest
organizational form. There is one owner of the business, who
usually takes the title of President. So he or she can make any
decision without consulting anyone. Such kinds of business are
in the service industries, such as repairing shops, restaurants,
etc.
Partnership
. A partnership means that there is more than one
owner to carry out business. And each partner declares his or her
share of profit or loss on the personal income tax return.
There is a special type of partnership, called a
limited
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