Ernie Sole Propriatorship
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Good Afternoon Ernie, It was a pleasure to meet you and discuss about your start up business. I am happy that I can assist you on your decision making process by providing you the correct information about all of the options available to start a business. I attached a table bellow with the options and its advantage and disadvantages of each type of organizations exist, so you can see what best suits your goals. Additionally, I would like to share with you my opinion about the subject matter and what you should be mindful of and pay extra attention on when making the decision of which type of organization will be the best for your business. The best type of organization that fits all of your business needs is the Sole Proprietorship because this type of organization will allow you to control all of the activities and make all the decisions that could arise. Even though the sole proprietorship gives you a lot of control, once your business grow I encourage you to have partners involved to continue the life of the business in case something tragic happens to you, the business can continue to grow. I truly think that with all of the growth during the first five years, you will need more people to assist you in continuing to make the best decisions for the business. Additionally, I encourage you to invest in your staff. Having a high performance team can contribute to the growth and overall success of the business. Since you will be the primary owner of your business, it should be fairly easy for you to manage your accounts receivable and payables, as well as keeping track of the revenue and growth, however once the business start growing it will be difficult for you to maintain an organized process to keep track of everything. I encourage you to invest your financial resources in a computerized system that allows you to manage the financial information of the business, so you can be aware of all of the activities taking place and will be able to oversee everything without compromising any department/specialty.
Considering that you are about to start your business, I am aware how hard it is to keep up with all of the cost and because of that I will offer you a payment plan, please find the invoice with its details attached bellow. In the mean time if you have any question or if you would like me to go over any information and/or clarify any details, please do not hesitate to reach out. Sincerely,Sole Proprietorship( One Owner)AdvantagesEasy to formControl of managementOnly one level of taxationEasy record keepingDisadvantagesLimited management resourcesUnlimited legal liabilityLimited capitalLimited life – the company dies if the owner dies