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Law & Business Structures
Ownership and Control
of Business
In general, small businesses are conducted
under the following 3 main business structures:
- Sole Proprietor
- Partnership
- Company
These are the 3
Basic Business Structures.
However, there may be other structures that will also be suitable,
such as Trusts.
Each type of business structure has advantages and disadvantages
and you should discuss the merits of each with your lawyer or
accountant.
One of the first decisions you have to make after the decision
to go into business is what structure you will use to operate the
business under. Although this is one of the most fundamental and
important aspects of a business, quite often it is one that is
given little attention.
If you make the mistake of ignoring this matter, or choosing a
structure that is wrong for you or the type of business you intend
to take over, then you may well have doomed yourself to failure
before you even start.
1. SOLE PROPRIETOR
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