Different types of business structures, Business Ideas and their implementation:- • Discovering ideas and visualizing the business • Activity map • Business Plan
Different types of business structures:- 1. Sole Proprietorship:- A sole proprietorship is the simplest and most common form of business structure. In this type, the business is owned and operated by a single individual. The owner has complete control over the business and assumes all liability for its debts and obligations. Some key features of a sol e proprietorship include: • Ownership: The business is owned by one person, known as the sole proprietor. • Liability: The sole proprietor has unlimited personal liability for the business's debts and obligations. This means that personal assets can be used to satisfy business liabilities. • Decision- Making: The sole proprietor makes all the decisions regarding the business's operations. • Taxes: The owner reports business income and expenses on their personal tax return. 2. Partnership:- ...