What are the different business registration options?


Sole Proprietorship	General Partnership	Trade Name/Corporate Style
A sole proprietorship is a business registered when there is only one owner	A general partnership is a business registration where there are 2 or more partners.	Also known as a trade name and is registered to a corporation instead of a person.
A benefit of being a sole proprietor is having more control over your own business decisions.	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 own.
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 of individually.	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.