Essay on Business Concepts : Restaurant Style

985 Words May 5th, 2016 4 Pages
Business Concepts: Restaurant Style Since I was about nine years-old, I have always wanted to own my own restaurant. I am currently taking the steps needed to achieve my goals. While in college, I have learned so much about business and all the different types. I realize that I cannot just open my restaurant overnight, so learning and observing everything that I can will benefit me in the long run. So far the major business concepts of owning a restaurant are: forms of business ownership, competitive environment, supply and demand, employee supervision and ethical decision making. Observing these five business concepts, one will be able to better understand how to succeed in not only opening a restaurant but any business. When opening any business one needs to have a legal structure. There are many types of forms of business ownership. However, the ones for restaurants are a sole proprietorship, partnership, corporation, and limited liability company. “In a sole proprietorship, one person is in charge” (Parpal, 2015). Most restaurants start as sole proprietorships as they are just getting started and then later on change their legal structure to something else. Often times sole proprietorships are small restaurants, usually in small neighborhoods. The second form of business ownership is a partnership. “In a partnership, two or more individuals form a partnership agreement before starting a new restaurant” (Parpal, 2015). For example, Boulder Lodge & Grill, formally known…

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