Episode Synopsis "Do you know the business ownership?"

In this episode, I talk about business ownership and business structure. I discuss the type of business ownership and benefits of each type. I also mention some advantage and disadvantage of private, public, multinational and global company. Business Ownership mean business structure such as private or public company. Before you start your business ask yourself the following questions: How big is your business expected to grow?  What is the complexity of financial recording?  What type of management do you need?  What is the amount of liability you are willing to accept? This will help you to determine the type of business you need. small and simple business structure, a sole proprietorship or partnership is suitable for the business because it is easy to set up and requires little capital. Private companies are the second in complexity after sole proprietorships and partnerships. A private company is a private legal entity separate from its owner or owners. Public companies are large businesses who have many legal and financial reporting obligations. Public companies trade their shares on the stock market and the general public can buy and sell shares. Multinational companies are companies who operate in more than one country, such as the USA and Spain. Both companies have facilities in different countries, but each functions as its own entity. But a global company has facilities in different countries but operates as a single corporation. Franchises consist of a business (franchisor) that authorizes a franchisee (individual or group) to set up a branch under its name in return for a fee. Nonprofits are businesses that do not generate money for their shareholders. Some nonprofits are founded with a social mission to support communities, such as charities, hospitals, shelters, etc. Q&A: Where to change business ownership? Each business type has different requirements such as sole proprietorship and limited liability company. I recommend check with your local state business department for the requirements either online or call them. Which business ownership is best? Sole proprietorship or (LLC) limited liability company  because you can have 100% control of your company. Which business ownership is easier to obtain credit? Sole proprietorship and LLC who has one owner and pays taxes on business in come profit. Thank you for listing to my podcast.

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