“Understanding How to Maintain a Business”
LaShondra Davis
July 20, 2012
BUSN 105 – Monday
American Intercontinental University
Sean Kopinski
Certification of Authorship: I certify that I am the author of this paper and that any assistance received in preparation is fully acknowledged and disclosed in this paper. I have also cited any sources from which I used data, ideas or words, either quoted directly or paraphrased. I also certify that this paper was prepared by me especially for this course.
Abstract
All ends must be met, to maintain a significant sale. The potential of customers, is that their concept is introducing new products/services that will potentially generate sales. Expectations of any inventions are easily maintained through different facilities such as home offices and office buildings. Pertaining to future products/services within a specific market, the significance of investment offers the best opportunities.
An organization operates through three components of business: People, Machines, and Products/Services. Without the use of technology, people tend to find other ways to produce products/services in order to gain annual revenue. In other words, consumers must be cautious of the basic environments – legal, social and economic. Each environment has a specific viral aspect of the business industry.
The legal environment consists of citizens abiding all laws granted by higher authority. Social environment offers targeted products/services beneficial potential profit. Also, the economic environment distributes amongst not only organizations, but amongst individuals too. Sole proprietorship, Partnership and Corporation are the three significant forms of business, which a business can operate.
The Business plan on Developing Services/Product for Four Seasons Hotel Langkawi
... Developing services products This hotel provided online reservation system to ease their customers to book the rooms for their holidays, business intent ... and art design of the residences with the peaceful environment in the Andaman Sea. It is a place that ... hotel’s services and at the same time, it will contribute in maintaining its position as the world’s premier extravagance hospitality business. ...
The first form of business is Sole Proprietorship. sole proprietorship is an entity, which an individual is held liable to all assets of a business. To operate a small business, being a sole proprietor there are many advantages and disadvantages. Sole proprietorship advantages are consisted of personal liability, control and flexibility of operations. However, where ever there is good, bad follows. Because this form is not a legal type entity – it terminates once the sole proprietor becomes disabled, retires or deceases. As the disadvantages of Sole proprietorship establishes an individual to also commit to both liability to the success and failure of the business. Sole proprietorship deals with more of the legal environment – when the business fails, so does the sole proprietor.
Similar to Sole Proprietorship, Partnerships are the next form of business—considered a flow-through entity. The advantages claimed for partnership are considered as: easy formation, large resources, and the protection of minority interest and flexibility of operations just to name a few. This is quite simple – an oral or written agreement could bring a partnership in existence. (Kumar, n.d).
Options that partnerships may contain accumulate the acceptance of large resources that potentially generates sufficient contribution of all requirements necessary. With the flexibility liability, despite the circumstances –partnerships have the ability to make specific changes; however, such changes cannot be implemented by a company because of certain restrictions. (Kumar, n.d).
Eventhough, partnership form of business is comparatively better than sole proprietorship form of business, still is not the best option to an entrepreneur. (Kumar, n.d).
The Business plan on Business Forms Worksheet
... forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company (including the single member LLC), S Corporation, Franchise, and Corporation. 1. Research and provide three advantages ... any losses, debts, or violations coming from the business. What that means is big liabilities! Partnership Advantages 1. With more than one owner, the ...
The importance of partnership generally is the type of organization that contains ins and outs, to specifically understand the disadvantages of how a business operates. Limited capital, unlimited liability and Instability are the drawback of partnership. With unlimited liability – partnerships can consist of taking risks. For limited capital, capital of a business must be raised to a certain quota partnership forms do not seem to meet. Along the approach of these disadvantages of partnership form – a business must follow guidelines, but cautious of restrictions.
Lastly, similar to the other forms of business, a corporation has its set of advantages and disadvantages. (Lorette, n.d).
Limits liability, tax treatment and everlasting are consider the advantages of corporations. Limits liability establishes that a corporation is a stand-alone entity – the business owner is not held liable for the assets/debts of the business. Another advantage is the separation of tax liability, which corporation taxes are separated from personal tax liabilities. As a business owner, an individual is responsible for paying taxes only from money received by the corporation in the form of salary, commission or even dividends. (Lorette, n.d).
Corporations are far most the complicated form than sole proprietorship.
Understanding and gaining access to the full knowledge of how a business can and cannot operate as either form of business: sole proprietorship, partnership or corporation – through the basic environments simply can generate potential growth for an entrepreneur. By all means, I have chosen sole proprietorship because of the advantages. However, according to the disadvantages – I believe I could bypass and exceed with proceeding as becoming a sole proprietor with limited liability for my company LCD Marketing © Talent Agency. As a sole proprietor, I see a potential growth with potential talent amongst range of products/services. Preparation and proper documentation is necessary in order to run a successful business!
Business Plan Example Lancaster County
Company Name Gilligans Bar and Grille Business Form Partnership Address 000 North Reading Rd Adamstown, PA 17569 Contact Person Sandra Nash Telephone 717-336-7491 Hours of operation Sunday - Thursday 11: 00 am - 12: 00 am Friday - Saturday 11: 00 am - 1: 00 am Days open 7 days Closed on Thanksgiving and Christmas Opening date November 27, 2003 Type of Restaurant Full Service Gilligans Table of ...
Reference
Kristie, Lorette. (n,d).
Advantages and Disadvantages of the Corporate Form of Business. http://smallbusiness.chron.com/advantages-disadvantages-corporate-form-business-4389.html
Chinmoy,Kumar. (n,d).
What are the Advantages and Disadvantages of Partnership form of business. http://www.preservearticles.com/201101153420/advantages-and-disadvantages-of-partnership.html
