Startin a Business

Topics: Business law, Types of companies, Business terms Pages: 3 (811 words) Published: September 9, 2013
WHAT’S TO BE CONSIDERED WHEN STARTING YOUR BUSINESS1

What need to be considered when starting your own business? Tracey Thomas American Inter-Continental University

WHAT’S TO BE CONSIDERED WHEN STARTING YOUR BUSINESS 2
Abstract
While studying all of the legal perspectives of business and looking at exactly how most business are organized, the study included Sole Proprietorship, Partnership and lastly Corporation. The Partnership legal perspective when including all of the advantages and disadvantages seem be the perfect fit into the business venture. But being aware of all the disadvantages can save the business as well. For example, be careful when going into business with family or friends. When going into a partnership, a balance must remain somewhere.

WHAT’S TO BE CONSIDERED WHEN STARTING YOUR BUSINESS 3

What’s to be considered when starting your business?

Initially after reading the scenario, I began to believe that the most economical and positive area of business to go into would be the sole proprietorship. However after reading over the scenario several times afterwards, it seems as though the best all-around form of business would be a partnership. When looking to start a small business that also will have low turnover, the best choice when looking at starting a new business would be a partnership. What made me choose that one based on the scenario was due to the initial startup cost. This way the entire amount will not fall on her lap and the time would be split between her and her partner (recalling the mention from her husband regarding the time that she would be spending away from the family). However, in this case long term the possible turnover and any additional debt would need to be considered as well. A Sole proprietorship is...

References: What is a corporation?
http://www.nolo.com/legal-encyclopedia/corporations-faq-29122.html
http://www.ebusinesstrainingmanitoba.com/advantages-and-disadvantages-of-corporation-company/index.html
http://www.business.tas.gov.au/starting-a-business/starting-a-business-from-scratch/choosing-a-business-structure-intro/partnership-advantages-and-disadvantages
http://www.nytimes.com/allbusiness/AB4113314_primary.html
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