Small businesses

Small businesses or (the minimum wage for a small business) are sole proprietors, partnerships, and corporations in which there are fewer employees in a range of 1500 and can generate a maximum annual income of almost $41.5 million (2017).

Types of business structures

Sole proprietorship

A sole proprietorship means a business that is handled by only one person or more easily, we can say a single owner. For example, any kind of retail shop, chef, tutor, personal trainer, etc. There is a different kinds of businesses that can be handled by one person. It is relatively a susceptible method to establish a sole proprietorship. The owner is responsible for all the benefits, losses, taxes deductions, etc in business.

All Work Should Be Play

Corporation

First of all, the meaning of the corporation is “the business entity that is inhabited by shareholders who elect a council of managers to supervise the activities of organizations.” In corporations, the shareholders are free of responsibilities and corporations can even run after the originators are retired. Corporations can raise funds easily like sole proprietorships and partnerships.

Ideas for small businesses

Here is a list of some of the ideas for small businesses that are profitable also:

1. Organic vending     machines

2. Driver service

3. Personal Chef

4. Drone videographer

5. Photography