Starting a business is a challenging process. It is imperative to consider what form of business would best suit the unique product or service. The decision to form a specific type of business depends on many factors including tax, accounting and legal implication as well as the structure and liability of the business. In this paper the focus will be on establishing my wedding photo studio, the advantages and disadvantages of different business structure and the consequences associated with each
Words: 1246 - Pages: 5
There are three types of businesses: Sole Proprietorship, Partnership, and Corporation. Bases on the scenario represented in this paper, a sole proprietorship is the smartest decision when starting this business. The inventor has a product that he thinks will succeed, but does not have the funding to really back his product. The economy also does not help his situation and the only way to get started is to start small and when the product hits and begins to sell, and then expand the business.
Words: 695 - Pages: 3
FORMS OF BUSINESS Preferred Form of Business for Different Business Scenarios Abstract Either when starting a business, or even when the venture parameters have changed, owners must decide in regard to the most suitable business structure for their needs. Whether the business will be a sole proprietorship, partnership, limited liability company (LLC) or corporation, it depends on the type of business, how many owners it has, and its financial situation. There is no one choice that
Words: 3501 - Pages: 15
Social, and Economic Environment of Business Latasha Y. McMaster American Intercontinental University Abstract There are three types of Business: Sole Proprietorship, Partnership, and Corporation. In my opinion based on the scenario for this paper a sole proprietorship is the best option for starting a business. The inventor does not have to funding to back up the invention but thinks that the invention will be successful. The best way to start this business is to start small and if the product
Words: 622 - Pages: 3
ExxonMobil Case Study ExxonMobil Corporation, the parent of Esso, Mobil and ExxonMobil companies, offers a wide range of products and services. The corporation provides a full product cycle, starting with geological exploration of John D. Rockefeller and ending with delivering oil-related products to corporate and individual consumers. The three principal markets Exxon Mobil Corporation serves are fuels, lubricants and specialties, and petrochemicals. With regard to the corporation’s fuel products
Words: 400 - Pages: 2
Obesity in America had been a problem for decades, it has been drastically increasing because of the fast food corporations and their hidden plan. This epidemic affects both people in local areas and on a larger global scale. Unhealthy food corporations in America have manipulated the lives and diets of many Americans, causing harm to people. Some examples of harm are diabetes, heart disease, and eventually even death. People might argue that any harm people endure due to eating unhealthy is the
Words: 492 - Pages: 2
awareness to address the needs of the environment and to increase the knowledge of employees which will lead to a corporation focused on supplying the customer with what is needed, managers equipped with solid decision-making abilities, and employees who believe that he or she are an asset to the business. It is the executive manager’s responsibility to establish a clear vision for the corporation and place a specific focus on understanding stakeholders needs. In an effort to support these requirements
Words: 755 - Pages: 4
TECHNOLOGY DEVELOPMENT CENTER Star t-Up Resource Guide Starting a business in North Carolina Get your free download of this publication at www.sbtdc.org/pdf/startup.pdf Publication Data © 2009 by the University of North Carolina’s Small Business and Technology Development Center 5 West Hargett Street, Suite 600 Raleigh, North Carolina 27601-1348 Phone 919/715-7272 or 800/258-0862 (in NC only) info@sbtdc.org All rights reserved. No part of this publication may be reproduced, stored
Words: 16371 - Pages: 66
as a publicly-traded corporation, or a non-profit organization engaged in business activities, such as an agricultural cooperative, (Investopedia) Business is a crucial part of the economy. Without businesses there would be no revenue for the government to collect taxes and perform the daily activities necessary for our environment. Our government depends on the businesses to bring in money. If there were no businesses whether it is a small business or a large corporation, our economy would suffer
Words: 899 - Pages: 4
States and abroad. Choosing what form of business organization can be an important decision. Some businesses become successful, while there are some that fail. The three forms of business organizations are, sole proprietorship, partnership, and corporation. In this paper, I will discuss the three forms of business organizations, how much control its owners have, advantages as well as disadvantages and legal liability. The most common type of business operating in the United States today
Words: 1673 - Pages: 7
