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Business Forms Worksheet

Autor:   •  March 30, 2015  •  Business Plan  •  1,831 Words (8 Pages)  •  1,064 Views

Page 1 of 8

Christina Vasquez

Business Forms Worksheet

Law/531

March 30, 2015

Mr. Bob Hedicke

Business Forms Worksheet

Sole Proprietorship

Advantages

The advantages of being a sole proprietorship, is having complete control and decision making power over the business. A sole proprietorship can sell, give or transfer at any given time is that is what is needed or wanted at a specific time in the business. As a Sole Proprietorship there are less taxes to pay, therefore the individual has more money left.

Disadvantages

Disadvantages regarding a Sole Proprietorship business are the liabilities, debts and

obligations fall on the one and only owner. All responsibilities and decision making are

for one person only, which at sometimes might not be the best decisions or best choices

for the business. Another disadvantage would be difficult to get an investor to invest in a

Sole Proprietorship business.

Summary

In order to start a Religious Store, first need to get State and Local permits, property insurance would be something to consider. Since this is a Sole Proprietorship, it is important to have property insurance, due to the fact that if the business were to burn down or broken into, the owner will not have a complete loss. It is important that the owner needs to have enough money to support the business for at least one full year. If one starts a business with the idea that it will be profitable since day one, some homework needs to be done, it take a while for a business to get going, aside from all the startup expenses, there is the advertisement that needs to be done. Starting a business and not doing any advertisement, is like buying merchandise and placing it in your closet, only the owner knows what is in there.

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Partnership

Advantages

One of the advantages of a business partnership is easy formation. With a simple

agreement among the partners in oral or written words can bring a partnership in

existence. A partnership is in a position to accumulate large resources as more than

one individual contributes capital. The added financial strengthens the business an

partners as well, and new partners can be admitted to meet additional fund requirement.

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