The Steps Of Forming A Business Ownership Essay

1011 Words Jun 11th, 2016 null Page
When you have formed your team to jump-start your entrepreneurial idea, there are a couple of steps you must cover to be ethically sound. One of the foundational steps of forming a business ownership is giving your information to the government for their records. Rather your company being a sole proprietorship or an S corporation you need to establish this early on to help ease legal disputes that may arise by mismanaging this step. This paper will select the appropriate form of ownership, justify the selection by displaying how I would house the venture, explain why this form of the property is a better choice than others, and describe the risks that you see in the form of business ownership, analyze and explain how you will become the type of entrepreneur I wish to become.
The appropriate business ownership for The Event Center in Dayton, OH will be the Limited Liability Company. The Event Center is a service-based organization that can have many members to help with capital or capital acquisition. Even though, Barringer makes a call for a general partnership, “General Partnerships are typically found in service industries.” (Barringer, Ireland 2016 p.238) Members could mostly come and assist with the startup and are only obligated for debt that equates to the size of the investment. The members would have to come in agreeance of how the percentage of ownership would have to be split up. The ownership could be divided for one member over another if they are running the…

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