Types of companies

99.7% of all employers (Hatten, 2012). In the service industry alone more than 71% of companies are small businesses. As it is true that most “mom & pop” shops are small businesses, some are just people who are self-employed, and some are entrepreneurs. Self-employed people can be entrepreneurs just as small business owners can, the difference between the two would “be the desire and ability for growth,” (Shelton, 2013). Small businesses make up a large portion of the revenue that goes into a community. It is not as easy as it seems, though. Running any business has its risks and rewards.…

There are many choices that must be made when setting up a business but the most important question is what type of business it will be. In today’s business world there are three types of businesses sole proprietorships, partnerships, and corporations. In this paper each type of business will be explained in detail by describing advantages, disadvantages, and examples of each type of business. The first form of business is the sole proprietorship. A sole proprietorship is a business that is…

sole proprietor, partnerships, and cooperation’s in its forming stage. Sole Proprietors legal structure for a business are accompanied with the simplest foundation of your company. There are numerous disadvantages and advantages of the structure. Structure advantages include being your own boss, while in contrast, with the entire business’s success or failure in your hands. This particular business structure is a one-person team and doesn’t have to be registered with the state. If you are…

businesses enter into are simple contracts, even though some may seem rather complex and go on for many pages. (Rogers, 4.1, 2012) An acceptance is the clear manifestation of assent to the terms of the offer. (Rogers, ch4.3, 2012). Prior to the acceptance, the owner informed the various companies that there would be a need for the hiring of experienced manpower along with the purchase of additional supplies to accommodate their needs. With the amplified risk of an accidental firework straying…

1. INTRODUCTION 1.1 The company name, the message and rationale Walvis is a privately owned fashion accessory store located in Ho Chi Minh City, Vietnam. The owner is Thanh Truong. Walvis specializes in a variety of low to average price and trendy accessories that can match with client's demand in different occasion. I am interested in tiny things that complete the appearance wearer besides clothes. Started out as an interest, a hobby for me evolved into a promising industry in the Southern…

the partners according to their share. • LOCATION – Operating in other states only requires a mutual decision amongst the partners. This must be agreed in writing in the form of a signed contract. • CONVENIENCE/BURDEN – Just like a sole proprietorship it is easy to start up and simple to manage, but has limited resources. A partnership must be registered with the state, but there are no additional reporting requirements above and beyond state sales taxes and personal…

Discussion Board #4 Case Study: The Gathering Place Betty, with the blessing of her husband, has decided to pursue opening a coffee shop in her hometown of Belmont, North Carolina. Betty is a Christian and wants her coffee shop to be a place where like-minded can meet. Her desired name for the coffee shop is The Gathering Place. Betty has multiple decisions she must make during the process of establishing the business. She has to decide what type of business to establish, such as a sole…

personal interests. Thus, this business form would give her the most liability protection from corporate debts and obligations. It also provides the advantages of unlimited life, transferability of shares and the ability to raise capital. However, by setting up as a corporation, Tilly would incur more initial costs in registering the corporation and would require her to complete more administrative tasks such as filing annual reports, which also will cost the company. In a corporation, there is…

corporation can be owned by a single person, or it can have hundreds, thousands, or even millions of owners.” A corporation requires a lot of work and consideration of everyone involved. Although everyone has a different title along with that responsibility, they are still equally contributing in the business and expect the same treatment. Colossians 3:13 New Living Translation (NLT) states, “Make allowance for each other’s faults, and forgive anyone who offends you. Remember, the Lord forgave…

reasonable and easy to meet. However, it's important to note that there are two categories of Cuba travel requirements i.e.; i. Standard entry requirements. ii. Entry requirements that are specific to certain individual countries for instance US, Canada, Britain and Australia among others. Since we are not in a position to tell your nationality, it means we can't discuss the second entry requirements category. So we are going to talk about the general requirements for every person who wishes…