Question

Select two ways of becoming a business owner. compare the advantages and disadvantages and decide which of the two you would prefer.

Answer 1

The main difference between a sole proprietorship and a partnership is the number of owners and the extent of personal liability. Sole proprietorships involve only one owner with complete control and personal liability for business debts, while partnerships involve shared ownership, resources, and liabilities.

Step-by-step explanation:

Comparing Forms of Business Ownership

When considering becoming a business owner, one can choose between several forms of ownership such as a sole proprietorship, partnership, or corporation. Each type has its own set of advantages and disadvantages, which reflect the needs of the business owner and the level of risk they are willing to assume.

Sole Proprietorship

A sole proprietorship is the easiest to establish as it requires no formal paperwork and is owned by one person. The advantages include complete control and the autonomy to make all business decisions. Additionally, all profits go directly to the owner. The main drawback of a sole proprietorship is the personal liability the owner faces. If the business fails or incurs debts, the owner's personal assets are at risk.

Partnership

A partnership involves two or more individuals who share ownership and the responsibilities of running the business. This form of ownership allows for shared decision-making and resources. It can be advantageous because it combines the skills and resources of multiple people. However, partners are jointly liable for business debts and obligations, and conflicts can arise over business decisions.

If I were to choose between these two forms of business ownership, I would prefer a partnership due to the shared responsibility and ability to pool resources with others. Although sole proprietorship gives total control, the risks associated with personal liability are significantly higher, making a partnership more appealing for someone seeking collaboration and shared risk.

Answer 2

Starting your own business.

Buying a franchise.

Step-by-step explanation:

When you are starting your business you can do whatever you want and follow your hearth, but you have a certain risk because people do not know you and you have to create a name for yourself and gain their trust, when yu buy a franchise you have a brand that is already succesful and that is trying to sell and is more or less proved, but the earnings will be cut by a certain amount because of the ways in which the franchise works and the investment is really large, contrary to the own business where you can do as you wish and the earnings will all be for your business.