Business Research Paper
What’s Your Form of Business?
Shannon E. Thomas
Everest University
Composition II
What’s Your Form of Business?
When opening a business, establishing new products or bursting into new markets, you will have choices to make. The choices you decide upon are all determined by the information you collect. The more familiar you are about the options you have, the better your choices will be when you venture into the business market. One of the best investments you can make before jumping into entrepreneurship is to research everything about the market. Whether you are starting from scratch, teaming up with another person, or buying an existing business, the first thing you should analyze is what form of business you will be partaking in. The four most recent forms of business ownership are sole proprietorship, partnership, corporation, and limited liability. This research paper will cover the definition of each form, the advantages, and the disadvantages.
When you decide to open your own business and you make the choice to be the only boss, you have just made the decision to have a sole proprietorship form of business. “The sole proprietorship form business is a business that legally has no separate existence from its “owner”; meaning this form of business has but ONE owner, according to Encyclopedia of Small Business (2002). This form of business ownership is the cheapest, most relatively uncomplicated business venture. In our society today, the vast majority of small businesses begin as sole proprietorships. If you choose this ownership, you and the business are one and the same. You can continue operating as a sole proprietor as long as you 're the only owner of the business.
According to Encyclopedia of Small Business (2002), an advantage of having a sole proprietorship form of ownership is “an owner of this type of business gets to keep all profits derived from the operation”. Another amenity for this form of ownership is “the owner has the authority to
Shannon E. Thomas
Everest University
Composition II
What’s Your Form of Business?
When opening a business, establishing new products or bursting into new markets, you will have choices to make. The choices you decide upon are all determined by the information you collect. The more familiar you are about the options you have, the better your choices will be when you venture into the business market. One of the best investments you can make before jumping into entrepreneurship is to research everything about the market. Whether you are starting from scratch, teaming up with another person, or buying an existing business, the first thing you should analyze is what form of business you will be partaking in. The four most recent forms of business ownership are sole proprietorship, partnership, corporation, and limited liability. This research paper will cover the definition of each form, the advantages, and the disadvantages.
When you decide to open your own business and you make the choice to be the only boss, you have just made the decision to have a sole proprietorship form of business. “The sole proprietorship form business is a business that legally has no separate existence from its “owner”; meaning this form of business has but ONE owner, according to Encyclopedia of Small Business (2002). This form of business ownership is the cheapest, most relatively uncomplicated business venture. In our society today, the vast majority of small businesses begin as sole proprietorships. If you choose this ownership, you and the business are one and the same. You can continue operating as a sole proprietor as long as you 're the only owner of the business.
According to Encyclopedia of Small Business (2002), an advantage of having a sole proprietorship form of ownership is “an owner of this type of business gets to keep all profits derived from the operation”. Another amenity for this form of ownership is “the owner has the authority to
References: Encyclopedia of Small Business. (2002). Limited liability company. Retrieved from http://www.enotes.com/limited-liability-company-reference/limited-liability-company Encyclopedia of Small Business. (2002). Sole proprietorship. Retrieved from http://www.enotes.com/sole-proprietorship-reference/sole-proprietorship Encyclopedia of Small Business. (2002). Partnership. Retrieved from http://www.enotes.com/partnership-reference/partnership-178672 Entrepreneur.com. (2011). Sole proprietorship. Retrieved from http://www.entrepreneur.com/encyclopedia/term/82652.html Entrepreneur.com. (2011). Partnership. Retrieved from http://www.entrepreneur.com/encyclopedia/term/82334.html Entrepreneur.com. (2011). Corporation. Retrieved from http://www.entrepreneur.com/encyclopedia/term/82108.html Entrepreneur.com. (2011). Limited liability company. Retrieved from http://www.entrepreneur.com/encyclopedia/term/82382.html Corporate.walmart.com. (2012). History timeline. Retrieved from http://corporate.walmart.com/our-story/heritage/history-timeline Carter, C., & Media, D. (2012). The advantages of the corporate form of business organization. Retrieved from http://smallbusiness.chron.com/advantages-corporate-form-business-organization-370.html Ward, S. (2012). disadvantages of incorporating. Retrieved from http://sbinfocanada.about.com/cs/startup/a/incorporatadv_2.htm