Research Paper on:
Business Partnership Advantages

Unformatted Sample Text from the Research Paper:
form of the company the entrepreneur decides to use will depend on the kind of product or service offered, the size of the company, and the companys purpose and goals.  Each structure has advantages and disadvantages, thus the owner must consider many different factors when making this decision. The purpose of this essay is to illustrate the viability of a  partnership as a business structure. The illustration will be offered by describing and comparing the different business structures. The discussion includes a list of the advantages and disadvantages of each  business structure. Types of Business Structures There are several different ways a business can be structured. Each structure or model is described herein. Sole Proprietorship: Simply stated,  a sole proprietorship is a business that is owned and operated by an individual (Wall Street Journal Center for Entrepreneurs, nd). This business can have only one owner (Wall  Street Journal Center for Entrepreneurs, nd). This is the easiest type of business to set up because the owner makes all the decisions and because it is the least regulated  of all business structures (McConnon, 2002). Profits are taxed as part of the owners individual income (McConnon, 2002). The owner is responsible for all decisions, all financing, and all  liabilities the business incurs (McConnon, 2002). General Partnership: Businesses using this structure have two or more owners. Any kind of partnership needs to have a detailed contract or agreement between  the partners. This agreement outlines the responsibilities of each partner as well as the rights of each and include information such as: * the amount each partner will invest initially  (Wall Street Journal Center for Entrepreneurs, nd). * what happens if and when the business needs more money (Wall Street Journal Center for Entrepreneurs, nd). * which partners are