What is the Type of Business Ownership?
Generally speaking, there are three types of business ownership: Sole proprietorship, Corporation, and Limited Liability Company. Each has its advantages and disadvantages. Usually, it is up to the business owner to decide which type is the most appropriate for their business. Compared to other business forms, a sole proprietorship in business ownership is one of the easiest to establish and operate. This type of business is also the most cost-effective. However, it has several drawbacks, especi