7 Types of Businesses That Every Entrepreneur Must Know - Business Talks

If you are one of those who is planning to start a business or want to become an entrepreneur, then here are the 7 types of businesses which are most common types of businesses in today’s world which you must know.

Read more: www.vdiversify.com/types-of-businesses/

It is not a big deal that you are starting a business. What is the big deal is the which type of business that you are going to start as it is the one that decides your future business, how much taxes you are going to pay, how much money you have to invest, how much paperwork you must file, how much time that you have to spend, what will be your personal liability, and the ability that defines how much money you are going to raise in order to take your business to the next level.

Always do remember that, it takes a lot of research, strategic planning, and assessment to choose the right type of business that makes it to stand higher among the rest of businesses. Well, this video is focused on guiding you on how you can choose a business from the crowd of different types of businesses.


Types of Businesses:

1. Sole Proprietorship
2. Partnership
3. Limited Partnership
4. Corporation (C-Corp, S-Corp, B-Corp)
5. Limited Liability Company (LLC)
6. Nonprofit
7. Co-op

Sole Proprietorship:

A Sole proprietorship is the most common type of business that many people start who wish to be entrepreneurs. It is one of the simplest and most preferred type of business that a single person or a married couple start, wherein one person takes all the company's profit and debts.

Partnership:

If you know starting a business could be a risky decision, then Partnership type of business is the right one for you. In Partnership type of business, the business will be managed by multiple people, will be held accountable and operate all of its operations. You have a friend with the same passion as yours or have a family member who has the same thoughts of yours, then the partnership business is the one for you.

Limited Liability Company (LLC):

As the name suggests itself, the Limited Liability Company is the one that allows you to protect personal assets of anyone who is part of the business. This means, the company with limited liability allows owners, partners, and shareholders to limit their personal liability in order to protect their personal assets from greater risks.

Corporation - C Corp:

If you are thinking of a business that is of something really big, then the Corporation C Corp type of business is the one for you. This is for the fact that, the corporations offer the strongest amount of personal liability protection. But do remember that, starting a corporation also costs a lot and the maintenance costs can be really higher, which makes them difficult to build and takes years to build.

Corporation - S Corp:

When it comes to companies that are considered to be S Corporation companies have the liability protection of corporations along with 'n' number of several tax benefits. In S Corporation type of businesses the owners can be able to use the cash method accounting when they don't have any inventory.

Corporation - B Corp:

A B Corporation is a for-profit corporation which is driven by mission and profit. A B Corporation can also be called as a Benefit Corporation. The B Corporations are also taxed in the same way as that of C Corporations, but the only difference is that, the B Corporations are more focused on purpose, accountability, and transparency.

Corporation - Nonprofit:

The Nonprofit Corporations are the one which are built to benefit a cause. If you are one of those who love to do social working and help the humanity by offering services to solve a cause, then this type of business is the one for you. A Nonprofit Corporation aims to do philanthropic work.

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