00:02
So, here are the business structures that your friends can adopt for the business along with the cost and benefits each structure.
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First is the sole proprietorship.
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This is the simplest and most common form of business structure.
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The owner is personally liable for all the debts and obligations for the business.
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The cost of setting up the sole proprietorship are low and there is no need to file any paperwork with the government.
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Let's see the cost and benefits.
00:41
First is sole proprietorship, cost is low and simple to set up, no paperwork required, no personal liability.
01:19
Hence, another business structure is the partnership.
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The partnership is a business owned by two or more people.
01:30
The partners are jointly liable for the debts and obligations.
01:33
Cost of setting up the partnership is low.
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However, partners have a limited liability because their personal assets are not at the risk of the business falls.
01:52
Limited liability, more flexibility than a corporation...