Forms of Business Organization

From a legal point of view, there are four types of businesses:
1. Sole proprietorships;
2. Partnerships;
3. Corporations; and
4. Co-operatives.
A brief description of each type is followed by a summary of their advantages and disadvantages. For specific information on how or where to register or incorporate a business, contact your local CBSC.
Sole Proprietorships
This is the simplest way to set up a business. A sole proprietor is fully responsible for all debts and obligations related to his or her business. …