Essay About Sole Proprietorship And Partnership Advantagesone Of The Advantages Of A Business Partnership

Business Forms Worksheet
Christina VasquezBusiness Forms WorksheetLaw/531March 30, 2015Mr. Bob HedickeBusiness Forms WorksheetSole Proprietorship AdvantagesThe 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.DisadvantagesDisadvantages regarding a Sole Proprietorship business are the liabilities, debts andobligations fall on the one and only owner. All responsibilities and decision making arefor one person only, which at sometimes might not be the best decisions or best choicesfor the business. Another disadvantage would be difficult to get an investor to invest in aSole Proprietorship business.SummaryIn 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. ———————————————————————————————————————Partnership AdvantagesOne of the advantages of a business partnership is easy formation. With a simpleagreement among the partners in oral or written words can bring a partnership inexistence. A partnership is in a position to accumulate large resources as more thanone individual contributes capital. The added financial strengthens the business anpartners as well, and new partners can be admitted to meet additional fund requirement.