Small business are the backbone of the economy. They employ millions of people and generate trillions of dollars in revenue each year. However, small business owners face many challenges, including a lack of resources, limited budgets, and intense competition. To succeed in today’s market, small business owners need to have a solid understanding of the fundamentals of business and a well-structured plan.
If you’re starting a small business, understanding the different corporate structures available can be overwhelming. Each structure has its advantages and disadvantages, so it’s essential to choose the right one for your business.
In this article, we’ll discuss the most common types of corporate structures for small businesses and their respective benefits and drawbacks.
Sole Proprietorship
A sole proprietorship is a type of business entity that is owned and operated by one individual. This means that there is no legal distinction between the owner and the business. … Read More
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