Types of Ownership
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Compare Sole Proprietorship vs General Partnership vs Limited Partnership vs Corporation vs LLC
Compare Sole Proprietorship vs General Partnership vs Limited Partnership vs Corporation vs LLC
Name | Sole Proprietorship | General Partnership | Limited Partnership | Corporation | LLC |
|---|---|---|---|---|---|
| Made up of... | 1 person = 1 company | 2 or more | 1 or more general partner and 1 or more limited partner | board of directors, management, shareholders | hybrid partnership, proprietorship, corporation |
| Advantages | -owner maintains control; easy to form | -right to share profits; easy to form | -easier to raise money; limited liability for limited partner | limited liability; easier to raise funds | owners can run it; easy to form; limited liability |
| Disadvantages | -Unlimited Liability; difficult to raise money | -Each Partner has unlimited liability; hard to raise money | -limited partner has limited control; | hard to form; separate taxes | hard to raise money |
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