My Business Type Decision for a Successful Company
American Intercontinental University
This paper will evaluate the advantages or disadvantages of each business type with the business issues facing. It will discuss the management decision to make concerning which legal form of business that will facilitate my firm to succeed. Key words: Management decision, advantages, disadvantages, legal form of business.
My business Type Decision for a Successful Company
My invention of a new home appliance was a great idea. In fact, it is easier and safer to use than the old appliance products on the market. It will satisfy consumers. And, it will be appropriate in a wide variety of other products. So, my plan to start a plant to produce my new product will cost a lot of money. My lack of personal fund, not having enough financial, and any management skills, determine what legal form of business to choose to operate this future company in order to be able to deal with current issues. This research will evaluate the advantages and disadvantages of each legal type. Afterward, it will help me to make my decision upon the legal structure of business to run the firm. Advantages and Disadvantages of the Three Legal Forms of Business
According to Ebert & Griffin (2005), some advantages and disadvantages are found in find each business structure. And, anyone who desires to own a business should evaluate each type of business. Then, he/she can decide the one that will contribute to the business success. An analysis of the three basic legal business forms to discover their advantages and disadvantages will surely help to make a better management decision. The sole proprietorship is the first I am going to analyze. The sole proprietorship puts forward advantages and disadvantages to consider. The sole proprietorship presents some good factors. The New World Finance and Investment Dictionary (2003) define the sole proprietorship as a...
References: Ebert, R. J., & Griffin, R. W. (2005). Business Essentials. Upper Saddle River, NJ: Pears Prentice Hall. Retrieved November 11, 2010 from https://mycampus.aiu-online.com/Classroom/Pages/CoursePlayer.aspx?classid=437652&tid=187&un=1&HeaderText=Course Materials: BUSN105-1005A-79 : Introduction to Business
Corporation. (2006). Dictionary of Finance and Investment Terms. Retrieved November 10,2010 from http://www.credoreference.com/entry/barronsfin/corporation
Forms of Business Organization. (1995). In Dictionary of Economics, Wiley. Retrieved from http://www.credoreference.com/entry/wileyecon/forms_of_business_organization)
Partnership. (2005) Merriam-Webster 's Dictionary of Law. Retrieved November 11, 20010 from
Sole Proprietorship. (2003). New World Finance and Investment Dictionary. Retrieved November 10, 2010 from http://www.credoreference.com/entry/wileynwfid/sole_proprietorshipAccording
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