|Sole Proprietorship||General Partnership||Trade Name/Corporate Style|
|A sole proprietorship is a business registered when there is only one
|A general partnership is a business registration where there are 2 or
|Also known as a trade name and is registered to a corporation instead of
|A benefit of being a sole proprietor is having more control over your own
|A benefit to partnerships includes having the ability to draw on various
peoples’ strengths and resources.
|This allows a corporation to continue business under a name other than its
|A drawback could include difficulty in raising funds||A drawback can be difficulty in reaching decisions, which must be made as part of a consensus instead
|A corporation can register multiple different trade names.|
|A further drawback is the transfer of business ownership, which cannot be done simply and a new registration
must be filed.
|Note: A corporation can also be a partner|
|NOTE: If doing business under your own personal name, a business
registration is not required.