So in what form you want to set up your business?
So in what form you want to set up your business? Sole proprietorship, where you are the main and the sole owner, which may operate on his or her own or may employ others. The owner of the business has total and unlimited personal liability of the debts incurred by the business. Or maybe you want to function as a partnership. It’s a form of business in which two or more people operate for the common goal of making profit. Each partner has total and unlimited personal liability of the debts incurred by the partnership. There are three typical classifications of partnerships: general partnerships, limited partnerships, and limited liability partnerships.