Type of Business: Sole Proprietorships (Pt. 1)

So, since we discuss quite a few things about businesses, I've decided, why not let people know what type of businesses there are. What exactly is a sole proprietorship? Currently, it's one of the easiest businesses to start up. You're pretty much your own boss and you make the decisions that you feel would best benefit your company. There are many advantages and disadvantages to owning a sole proprietorship type of business, however, we will discuss these in a moment.

Sole proprietorship's make up 72% of all businesses today, according to the U.S. Internal Revenue Service. 72% of all businesses is a huge number! Even though their contributions in total receipts are not quite as much as their corporate opponents, they still bring in close to 950 billion dollars a year, which is a hefty chunk of cash!

This is the type of business that most average day people start up. It's very easy to start and end these types of businesses which gives a huge advantage to owning one.

My next post will define the advantages of owning a sole proprietorship and possibly the disadvantages as well. Don't worry, I will post both in due time. However, I feel I need to thoroughly go over each point so that you can get the feel if this is the type of business you would like to start.


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1 comments:

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