Legal, Social, and Economic Environments of Business

Legal, Social, and Economic Environments of Business

Introduction

In the business world, normally three different types of businesses work. Sole-proprietor, partnership, and Corporation are the three main types. Every business type has its own pros and cons, therefore, the writer tried to cover the crucial pros and cons of each business.

Discussion

Sole-Proprietor

According to the writer, the creation of sole-proprietor business requires only registration with the Trade and Companies; therefore, this is the basic advantage of this business. Similarly, no issue of minimum capital and the steps for creating a sole proprietorship are simplified and less expensive than in ...