Community encourages response-ability.

Sole proprietorship.

A sole proprietorship is a business form in which the business is owned and operated by a single person. Because it is the quickest and easiest to set up, it is the most frequent business structure.

 Partnership.

Two or more persons share ownership and management of a business in a partnership firm. There are two kinds of these: General partnerships-The partners are equally responsible for the company’s debts and play an equal role in its ownership and operation. Limited partnerships are the other-The limited partners, who are typically investors, have little or no say in the company’s direction, and are accountable only to the company’s creditors. Corporation

If your business is already well-established, medium- or high-risk, and you need to raise capital, or if you intend to go public or sell it, you may want to consider forming a corporation, commonly known as a “C corp.”

With the help of risk management, you can identify and address the threats to your business, and in doing so, raise your chances of success. Each risk you’ve identified can be addressed in one of four ways. You’re allowed to:

• Accept it Transfer it
• Reduce it
• Eliminate it

There are times when the cost of entirely eradicating a risk is prohibitive, therefore you may elect to accept it. Transferring the risk is something that is commonly done through insurance. In some cases, you may be able to decrease or remove the risk entirely by modifying the method you manufacture your product. Once you’ve assessed the risk and come to an agreement on the best course of action, it’s time to put those plans into action.