If you are setting up a new business it is important you understand the various business structures available, so that you can work out the most beneficial set up for the type of products/services you want to provide:
• Sole Proprietorship – this is a quick and easy way to set up a business and there will be no specific costs related to starting up your business.
• General Partnership – this is another easy process to set up, but you will need to be very careful about setting up the agreements with your business partner relating to the method for sharing profits and losses, how much capital each partner is putting up front and how the partnership will be dissolved if it needs to be at a later date.
• Limited Partnership – this is similar to a general partnership, but the limited (inactive) partner will be protected against legal liability in terms of any costs or debts if the business collapses or goes bankrupt. In this sense the business exists as a separate legal entity, kept apart from those individuals who create and have invested in it.
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