Business Contracts 311

In: Business and Management

Submitted By anamishyn
Words 972
Pages 4
Multimedia Activity: Business Organization
Business Law I – BUS311

If I were to start my own business, I would choose a Sole Proprietorship. I have always wanted to be a specialty clothing boutique owner, and as a single woman with three children, I need a business structure that not only allows me to have full control over my business, but also help keep start-up expenses to a minimum. A Sole Proprietorship is the ideal business structure for me, as it is owned by one person, with that person keeping all of the profits from the business. You don’t have to get permission from the government or pay any fees to be a sole proprietor, except perhaps for a fictitious business name statement or business license. You just start doing business; if you don’t incorporate or have a partner, you are automatically a sole proprietor. If you’re already running a one-person business and haven’t incorporated or formed an LLC, you’re a sole proprietor (Fishman, 2014, p. 16).
Business Structures: 1. Sole Proprietorship * Steps to form – Formal action is not necessary in order to form a sole proprietorship. * Personal liability for owners – A sole proprietorship has unlimited liability for the debts of the business, such as bank loans and amounts owing to creditors. This means that if your business fails your personal savings and assets could be at risk (Black, 2011). * Taxation – Because you and your business are one and the same, the business itself is not taxed separately-the sole proprietorship income is your income (U.S. Small Business Association, 2016). * Advantages – The business owner keeps all profits, complete control of every aspect of the business, easy tax filing, and minimal start-up costs. *

* Disadvantages – The business owner assumes all liability (debts) and difficulty finding investors for capital (unless you’re willing to use…...

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