There are different forms of legal businesses, like Sole Proprietorship, Partnership, Corporation and Limited Partnership. They all have the aspect of running a business and choosing which one is right for someone starting a new company. Each one breaks down what its sole purpose is in the business world and what benefits there are to offer. All have their own advantages and disadvantages, but doesn’t everything. Everything we choose to do in life has its good and bad outcome; it’s just up to the person to choose that outcome. Keywords: different forms, new company, sole purpose, benefits, advantages, disadvantages, outcome
LEGAL FORMS OF BUSINESS
There are many things being invented in the world today because people love everything that has to do with material things. The demand is high for new products because when a product is created it has a supporter behind it. People buy these products and use them then, they have the thought why does my product not do this. Then they call into support and ask, and support tells them they were not designed to do that. “AWW” there goes the idea to improve that product to reach the customer’s needs. When wanting to invent something you have to have the idea that there is going to be a high demand for that product in order to make a profit. Take the time to really plan it out so that it doesn’t take away from family and leaves you broke, so do everything possible to make sure there is a demand for it. Take the time to ask yourself, “Is there anything else I can do to this product that someone else might think of”? Also you should get others advice on an invention to see if they can inspire what you are creating. You want the new product to be able to target everyone’s needs so that it can benefit you as the business owner.
When creating something new there are legal forms of business that are needed to be decided on. There is Sole Proprietorship, which is a declaration to operate as a business such as an...