Disadvantages of Home-based business / work from home business

Disadvantages of a home-based business include needing to know a lot of information to operate a business successfully; the risk involved in operating a business; conflict in ownership of time (When is it my "own" time and when is "business" time?); lack of guaranteed employee fringe benefits; many competing roles and responsibilities (producer, promoter, bill collector, customer service representative); lack of job security; loss of home space use by family; interruptions; lack of self-discipline; little opportunity to delegate tasks to others; long hard hours, and legal requirements including zoning regulations. Being committed to a business may mean lack of freedom to do other things and to go as you please.

Advantages of Home-based business

Advantages of a home-based business include having a flexible schedule; integration of family and work responsibilities; less involvement with others in a regular work environment, such as power struggles and red tape; no commuting time (unless you travel to a customer's home or place of business); control of your own personal environment (temperature, light, work breaks, etc); self-determination and independence; increasing personal fulfillment; seeking and setting personal goals; enhancing creativity; and remaining in a community or moving with a spouse to a new community even when jobs are scarce or not available.

Partnership Business - Advantages & Disadvantages

Partnership Business - Advantages & Disadvantages

Advantages:

• Simple organization
• Additional personal resources (financial and managerial)
• The right to select partners
• Low start-up (organizational) costs
• Limited outside regulation
• No double taxation

Disadvantages:

• Costs more than sole proprietorship
• Unlimited liability for all partnership obligations
• Lack of continuity in event of death or disability of one partner
• Sharing of profits
• All profits are taxed as personal income
• Difficult to raise additional capital
• Hard to find suitable partners
• Divided authority (limited decision-making)

Home based business : Sole proprietorship Disadvantages

* Total (unlimited) personal liability
* Limited financial resources (capital)
* Lack of continuity as a result of disability or death of owner
* Owner may have limited managerial expertise
* All profit is taxed as personal income
* Can expand with only "after tax dollars"

Home based business : Sole proprietorship Advantages

* Owner in direct control (your own boss)
* Low start-up (organizational) costs
* Least government regulated
* Ease of formation and simple structure
* No double taxation
* Business losses can offset personal income
* Owner receives all profits