Sole Proprietorship, Corporation And Limited Liability Company

There are many different types of business to consider when an individual starts their own business. The three main types are a Sole Proprietorship, Corporation and a Limited Liability Company. There are also many areas of business that an individual could pursue. Personally, if I could open my dream business it would be an equine (horse) boarding business ran by my husband and I. This business would involve the boarding of horses for extended periods, giving them quality care while their owners are not available to do so. The name of my business would be Deep Creek Equine Boarding, LLC. We would be located in Courtney, North Carolina. The reason I chose this particular type of business is that I love horses and being able to work with them …show more content…
My husband and I would oversee the managers of different sections of the business, making sure that they are paying careful attention to the quality of the jobs being performed by our staff. A secretary would take calls, schedule boarding appointments, consultation appointments, and work out insurance needs for our clients. Next on the organizational level would be our managers, who would oversee a different part of the business. For example, we would have a grooming manager, which would supervise the quality of work of the groomers and make certain that grooming equipment is in appropriate working condition. There would also be managers that would supervise proper feeding of the horses, the management of stalls/barns, exercising the horses and general business upkeep. The last level of organization would be the staff itself. These are the people that would carry out the actual care of the horses, such as feeding/watering, grooming, cleaning of stalls/barns/area/equipment, exercising, etc. Also, the staff is responsible for noting any ill animals and reporting them to my husband and I for proper veterinary care. Our profit motive for this business would be to maintain a reasonable price for board while making sure we cover the expenses of feed, equipment, building management, etc. as well as the paperwork side of the …show more content…
This type of business is the most advantageous for me mainly for a couple of reasons. The first is the limited liability component, which means that in the event of a lawsuit my personal assets would be protected. For example, let’s say that one of the horses at my boarding clinic was seriously injured while exercising, and the owners of that horse wanted to file a lawsuit against my husband and I. The limited liability aspect would protect our personal assets (money, housing, etc.). There is also enhanced credibility with an LLC. This simply means that suppliers, marketers and lenders look more approvingly on LLC’s. This means that suppliers, such as Triple Crown Nutrition Inc. (horse feed company) would be more willing to work with me, since we have made a formal commitment to our business. Some other key advantages of an LLC are pass through taxation, and no residency requirements for business