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There are different legal forms of business organizations like sole proprietorship, partnerships, corporations, and limited liability partnerships and each of these legal forms of business have different advantages and disadvantages and those are primarily discussed here. Sole proprietorship is a legal form of business where one individual is the owner of the business. The advantages of sole proprietorship business includes direct control which is all about directing the business all by oneself and also self decision making power and implication of self ideas and thoughts (Cassar 2014). Control and power is in the hands of one individual. Other advantage is cheap investment. This form of business has easy and affordable monetary investment and can do away with extra fees and filings in case of other forms of business. Advantage of sole proprietorship also includes full profit income as the individual is the single owner and employing others in the business as an employee (Cassar 2014). The disadvantages of sole proprietorship include full liability to loss, if any from the business, self employment tax also needs to be given in case of sole proprietorship business form, limited capacity to raise or increase the capital and business coming to a standstill after the demise of the individual. A partnership is a legal form of business where a business is conducted by two or more people. The advantage of partnership business include multiple ideas from the existing partners as each of the individuals can come up with new and different ideas for the growth of the business (Scarborough 2016). Advantage of partnership business includes easy capital formation as with the investment from all the members the capital is eventually increased (Cassar 2014). Advantage of partnership business also includes shared responsibility where the responsibility and roles of each of the members is shared and that helps them in focusing in the business and develops the business further. Advantage of partnership also includes sharing of the loss and not burdening any single individual. The disadvantage of partnership business includes disagreement, taxation issue, restricted enterprise and some others (Scarborough 2016). As partnership business is formed with two or more people there are chances of disagreement and conflict among the partners (Cassar 2014). The partners in the group need to pay tax as sole traders and also they need to submit self assessment tax return every yaer. The amount of tax in case of partnership is quite huge. The other issue is restricted enterprise in this form of business.
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