Business Know-how Housing and Interiors. Entrepreneur. A person who assumes risk of starting and operating a business for the purpose of making a profit. Acquiring a Business. Take over a family business Buy an existing business Start a business on your own. Proprietorship . One Owner.
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Business Know-how Housing and Interiors
Entrepreneur A person who assumes risk of starting and operating a business for the purpose of making a profit
Acquiring a Business • Take over a family business • Buy an existing business • Start a business on your own
Proprietorship One Owner
Advantages Easy start up All profits to owner Business pays no income tax Little government regulations Direct control Disadvantages Unlimited liability Difficulty in financing Limited life (death) All losses responsibility of owner Sole Proprietorship
Partnership • Two or more owners
Advantages Easy start up Business pays no income tax Limited government regulations Shared financing and losses Disadvantages Unlimited liability Shared profits Limited life(death) Shared control Partnership
General All partners are general All partners- unlimited liability All partners-full management of business Limited Usually an investor Usually does not manage day-to-day activities Usually limited to the extent of the investment Partnership
Corporation • Owned by stockholders
Advantages Limited liability Ease in raising capital $$$ Continuity of business Ownership is easily transferred Disadvantages Expensive to form Profits depend on investment Double taxation Lack of control by owners High government regulations Corporation
Franchise • Décor and You • Color Your Carpet • Designs of the Interior • Decorating Den
Advantages Established name Reduced risk of failure Benefit of national name Training provided Disadvantages Cost to purchase is high Additional fees for local advertising Percentage of sales goes to franchisor Lack of freedom in running business Franchise