Entrepreneurs embark on costly business ventures without first looking into the form of business that would be most suitable for them given their business experience and financial capability. Deciding on what legal form your venture is going to take will spell the difference when you experience difficulty in your business later on.
A businessman can choose from different business forms including sole or single proprietorship, partnership or a corporation. Each of these legal forms has their own advantages and disadvantages and a businessman should be well aware of their implications on his business venture.
Sole proprietorship is the easiest business venture to put up because you only have yourself to disagree with. This means you can go ahead with whatever plans you have and you can implement them anytime. It means that when your venture succeeds then you will reap all the financial rewards of your business. The sad fact is that this can also be a disadvantage since it can also mean that you will shoulder all the losses if the business fails.
A partnership will do well for business ventures that require more capital and more skills and expertise. You and...
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