Business Forms Worksheet
Autor: vasquezchris • March 30, 2015 • Business Plan • 1,831 Words (8 Pages) • 990 Views
Christina Vasquez
Business Forms Worksheet
Law/531
March 30, 2015
Mr. Bob Hedicke
Business Forms Worksheet
Sole Proprietorship
Advantages
The advantages of being a sole proprietorship, is having complete control and decision making power over the business. A sole proprietorship can sell, give or transfer at any given time is that is what is needed or wanted at a specific time in the business. As a Sole Proprietorship there are less taxes to pay, therefore the individual has more money left.
Disadvantages
Disadvantages regarding a Sole Proprietorship business are the liabilities, debts and
obligations fall on the one and only owner. All responsibilities and decision making are
for one person only, which at sometimes might not be the best decisions or best choices
for the business. Another disadvantage would be difficult to get an investor to invest in a
Sole Proprietorship business.
Summary
In order to start a Religious Store, first need to get State and Local permits, property insurance would be something to consider. Since this is a Sole Proprietorship, it is important to have property insurance, due to the fact that if the business were to burn down or broken into, the owner will not have a complete loss. It is important that the owner needs to have enough money to support the business for at least one full year. If one starts a business with the idea that it will be profitable since day one, some homework needs to be done, it take a while for a business to get going, aside from all the startup expenses, there is the advertisement that needs to be done. Starting a business and not doing any advertisement, is like buying merchandise and placing it in your closet, only the owner knows what is in there.
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Partnership
Advantages
One of the advantages of a business partnership is easy formation. With a simple
agreement among the partners in oral or written words can bring a partnership in
existence. A partnership is in a position to accumulate large resources as more than
one individual contributes capital. The added financial strengthens the business an
partners as well, and new partners can be admitted to meet additional fund requirement.
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