Today we are going to be talking about how to launch a business for your Kingdom, and how to choose an entity type for that business. So first things first, what are the different options?
Sole proprietorship: A sole proprietorship could be right for you if you want to run a small-ish operation, with a few employees or contractors. For this type of business, you need to be comfortable making 100% of the business decisions.
+ there is no legal paperwork involved (apart from local licenses/permits)
- It can be hard to get financing since banks and investors see a sole proprietorship as a risky business entity.
Partnerships: If you or your industry thrive better in a creative and collaborative environment, a partnership might be the right type of business for you. Popular examples of partnerships include law firms, bars and restaurants, creative agencies, and family businesses.
+/- Partners equally share all costs, debts, and losses (except in limited partnerships)