Small business

A small business is that

1. Consist of lower capital and fewer employees

2. Single or small group of owners
3. Easy managerial process and less legal formation complexity

Small business is defined as a business that has a limited

number of employees, typically fewer than 500, and operates
independently of larger corporations. Small businesses are
typically privately owned and operated and have a single
owner or a small group of owners. Small businesses with local
operations may also provide specialized products or services to
suit their community's needs, along with establishing
collaborative partnerships or sponsorships for community efforts
or events.

What are the 3 types of small business?

 Sole Proprietorship: This is a business owned and

operated by one person. The sole proprietor is personally
responsible for all business debts and liabilities.
 Limited Liability Company: This type of business structure
combines features of both corporations and partnerships.
It limits the personal liability of the owners and offers
pass-through taxation.
 Corporation: A corporation is a separate legal entity
owned by shareholders. This type of business structure
offers limited liability for its owners, but is subject to
double taxation.