How do you Define small Business? Is that in Accordance with Accepted Business Terminology?
1. How do you define small business? Is that in accordance with accepted business terminology?
2. The Small Business Administration defines a sole proprietorship as “an unincorporated business owned and run by one individual with no distinction between the business and you, the owner. You are entitled to all profits and are responsible for all your business’s debts, losses and liabilities.” Sole Proprietors do indeed take on the entire financial risk of their business. Yet, there are 23 million sole proprietorships in America today. This is more than the current number of 1.7 million traditional C corporations, and the 7.4 million partnerships and S corporations. So, what is it that makes the financial risk of sole proprietorship worth starting that business structure?
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