Three Basic Types of Business Ownership Structures - Advantages and Disadvantages

There exist three basic types of business structures. One should know the basic forms before getting into a business situation to avoid potential problems. The three basic types of business structures are as follows:

i) Sole Proprietorship:

This type of business is owned by one person who is called a proprietor. The proprietor manages the business. Some disadvantages are as follows: the proprietor assumes all risks of the business and personal assets can be taken by creditors. One major advantage of the sole proprietorship is the owner makes all the decisions.

ii) Partnership:

a) The general partnership business structure is owned by more than one person.

One or more partners may manage the business. As to disadvantages, like the sole proprietorship, partners assume the risks for the business and their assets may be taken by creditors. Additionally, partners may disagree about the best way to run the business, which could result in a conflict. An advantage of a partnership is the owners share risks and decision making.

b) There is another form of business structure in the partnership arena, which is

called the Limited Liability Partnership (LLP). This form is different from the general partnership structure. Liability is limited to the assets of the partnership in this business form.

iii) Corporation:

a) The general corporation is owned by stockholders (or shareholders).

Usually a corporation may have many owners and they usually employ professional managers. The owner's risk is usually limited to their personal investments and they often have very little influence on the business decisions. However, the corporation veil may be pierce if the corporation is negligent in its operation.

b) The next corporate form is the Limited Liability Corporation (LLC). This

structure is different for the general corporate form. As the name implies, liability is limited in this form as in relation to the general corporate structure.

c) Finally, there exists the non-profit corporation. These types of corporations

are normally 501(c) such as a church, community based organizations, a public high school, YMCA, and the like. The tax structures are normally different for the profit making organization as in relation to the non-profit making corporations.

Before any business decision is made it's best to consult a professional in the area such as an attorney who specializes in the field of business formation. There are also some business consulting firms where help may be obtained. The Small Business Association also has a group of individuals available to help known as, Service Corps of Retired Executive (SCORE), or Counselors to America's Small Business. 

Joseph S. Spence, Sr. (aka "Epulaeryu Master"), is the author of "The Awakened One Poetics" (2009), which is published in seven different languages. He also co-authored two poetry books, "A Trilogy of Poetry, Prose and Thoughts for the Mind, Body and Soul" (2005), and "Trilogy Moments for the Mind, Body and Soul," (2006). He invented the Epulaeryu poetry form, which focuses on succulent cuisines. Joseph is a Goodwill Ambassador for the state of Arkansas. He has completed over twenty years of service with the U.S. Army.

http://www.trilogypoetry.com/

NFL Apparel - The American Bang, Clothing and the All-round Business

The eyes of an average American is never off a big occasion sporting event like NFL and the season is very special in every American being the biggest show banging the West with a flow of successive of thrilling exhibition of tight scheduled games waiting for the super bowl. Due in early February 2011, the big moment is but a celebration for the million fans eagerly waiting for its arrival.

The event is a money-spinner of un-measurable magnitude and provides huge opportunities for the small, medium and the large brand owners alike together as NFL Merchandisers to boost their sales in and around the scheduled season. The approx value of the total sales will touch a peak figure of around $3 billion an year with apparel sales at the top. Ordinary Fans turn Fanatics and Feature Fashion in all the possible ways to show evidence of their unconditional support to their team. The wholesalers and retailers in advance study the characteristics of the individual players and the nature of their teams and zero in on the star performers so that the apparels are made in strict connivance with the performer and to make the NFL enthusiast to ensemble them and make him move with fashion. As such the sale on a large scale is entirely driven by the stars of the game.

The "official" tag in the making of apparels gets going in the midst of competitive business and helps the apparel companies to claim authenticity to originals. Apparel introduction is itself a fanfare and famous designers get partnered with the brand giants to take them to the teams, players, staff and fans alike. The Apparel business has a vast scope in that the attire is generally preferred for keeping comfortable in climate and weather additionally. Warm and waterproof clothing are a bare necessity if the stadium is outdoors, and other cases inside requiring cool apparels.

Fans consider NFL apparel as a symbol of status for their indisputable affinity to their team performers. Apparels and NFL jerseys are not seasonal and are indeed life time possessions for any average NFL fan.