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Play plant tycoon free4/6/2024 The owner operates the business alone and may hire employees. Sole proprietorship: A sole proprietorship, also known as a sole trader, is owned by one person and operates for their benefit.A company structure is more complicated and expensive to set up, but offers more protection and benefits for the owner.įorms of business ownership vary by jurisdiction, but several common entities exist: A company, on the other hand, is a separate legal entity and provides for limited liability, as well as corporate tax rates. The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company. The proprietor is personally taxed on all income from the business. A business structure does not allow for corporate tax rates. If the business acquires debts, the creditors can go after the owner's personal possessions. Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. Simply put, it is "any activity or enterprise entered into for profit." Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services).
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