? Limited liability company
The idea began to resonate in my mind about a year ago that I should have a career that I would love and really enjoy going to work for. Soon after I came to that conclusion it dawned on me that that job for me would be to own my own coffee shop. Choosing what the business does is only a drop in the bucket when it comes the steps of creating that business. First I need to decide whether I should go into this business venture with someone else, otherwise known as a partnership. Opening up a business as part of a partnership means dividing not only the responsibilities, but also the profits based on qualification, skills and the amount of work put into the business. Being part of a partnership is not easy, the partners must come to a gentlemen’s agreement on everything and earn your percentage. It is because of these reasons that I considered sole proprietorship. If I were to be the sole proprietor I would assume all of the responsibilities and all of the profits. Along with all of these profits comes a great deal of pressure and hours of work.
Years down the road when my business start to get really popular and my store is too busy to only have one, I will have to consider branching out and having more than one location. When and if this day comes I will need some capitol to finance this expansion. One way of obtaining these funds is to become publicly traded, or become a joint-stock company. Being a joint-stock company means that I would no longe the sole owner of my company because I would sell shares of my company to investors. T
Please join StudyMode to read the full document