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Charting Your Path: Tia Tariq's Entrepreneurial Beginner's Map

Discover the world of commerce with this beginner-friendly guide, covering various business types and insights from renowned entrepreneur Tia Tariq, guiding you on a simplified journey to business success.

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Charting Your Path: Tia Tariq's Entrepreneurial Beginner's Map

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  1. BUSINESSAND ITS TYPES TIA TARIQ

  2. WHATISBUSINESS? A business involves the exchange of goods or services for monetary value. Whether it's selling handmade crafts online or providing consulting services to clients, businesses exist to meet the needs and desires of consumers while generating revenue for their owners. From local mom-and-pop shops to global conglomerates, businesses come in all shapes and sizes, each with its own set of goals, strategies, and challenges.

  3. SOLE PROPRIETORSHIP Imagine you're passionate about baking and decide to start selling homemade cookies from your kitchen. Congratulations! You've just become a sole proprietor! In a sole proprietorship, a single individual owns and operates the business, assuming full responsibility for its profits, losses, debts, and liabilities.

  4. P A R T N E R S H I P Now, let's say your baking business takes off, and you decide to team up with your friend who's a talented pastry chef. Together, you form a partnership, pooling your resources, skills, and expertise to grow the business. In a partnership, two or more individuals share ownership and management responsibilities, as well as the profits and losses generated by the business.

  5. CORPORATION As your baking business continues to expand, you decide to take it to the next level by incorporating it. Congratulations! You're now the proud owner of a corporation! Unlike sole proprietorships and partnerships, a corporation is a separate legal entity distinct from its owners, known as shareholders.

  6. L I M I T E D L I A B I L I T Y C O M P A N Y ( L L C ) : Finally, let’s explore the newest kid on the block: the Limited Liability Company, or LLC. Combining the best features of partnerships and corporations, an LLC offers the flexibility of a partnership with the limited liability protection of a corporation. Finally, let’s explore the newest kid on the block: the Limited Liability Company, or LLC. Combining the best features of partnerships and corporations, an LLC offers the flexibility of a partnership with the limited liability protection of a corporation.

  7. Tia Tariq THANK YOU Visit for more: www.medium.com/@tiatariqca

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